Fieldpoint Private, a US-based wealth advisory and private banking firm serving ultra-high-net-worth families and institutions, has appointed Timothy Tully as its new chairman.

Tully succeeds Daniel Donahue, who retired from the chairmanship he held since co-founding the firm in 2008.

Tully is managing partner of Tully Capital Partners and Tully Investment Fund, which are private investment partnerships.

Since 2012, he has been a Fieldpoint Private director leading the Board’s Compensation Committee as well as serving on its Asset and Liability Committee and Loan Committee.

Commenting on the appointment, Donahue said: "Tully has a great understanding of what makes Fieldpoint Private such a special institution for our clients. To me, that is the single most important reason why he is the perfect choice."

Robert Matthews, president and CEO of Fieldpoint Private, added: "His ideas and leadership have been evident from the day he joined our Board. He is a true partner and we are so pleased that he has agreed to take on the Chairman role."