Fiduciary Trust, a private wealth management and custody services provider, has named Scott Sumner as vice president and head of custody.
In the newly created role, Sumner will be responsible for managing all custody sales and relationship management activities.
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Sumner joined Fiduciary from State Street Wealth Manager Services, where he was most recently head of relationship management for Wealth Manager Services’ investment management outsourcing platform.
At Investors Financial, which was acquired by State Street, he was responsible for the management of custody for a significant number of clients. He has spent nearly two decades delivering custody and back-office services to single and multi-family offices, registered investment advisors, trust companies, and private banks.
Sumner said. "The custody landscape has evolved over the past 10 years and we’ve seen a bifurcation occur between the brokerage platforms and the more traditional, fee-based custodial bank providers.
"Neither can deliver the level of service required for clients with $100 million to $700 million in assets that Fiduciary Trust can."
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