Wealth manager Fiduciary Trust International, a wholly owned subsidiary of Franklin Templeton, has announced Adam Spector as its new chief executive. Spector was previously head of global advisory services at the firm’s parent company. (Fiduciary Trust International is not related to Fiduciary Trust Company, which private equity firm GTCR announced it will acquire.)
He will report to Matthew Nicholls, CFO and operating officer at Franklin Templeton.
“Fiduciary Trust International has a long history of guiding clients through change, and that legacy is what drew me to the firm,” Spector told II. “My focus is on building the capabilities that will help families thrive across generations, while preserving the personal relationships that have defined this organization for nearly a century.”
Spector will focus on the firm’s growth strategy while deepening existing client relationships at the New York-based firm. The firm uses approaches like tax-loss harvesting, portfolio customization, and increased access to private market opportunities to help give institutional-level services to its high net worth clients.
“We are committed to pairing the individualized attention of a boutique firm with the resources of a global organization,” he added. “That combination allows us to deliver more sophisticated solutions while keeping clients firmly at the center of every decision we make.”
Formed 94 years ago, Fiduciary Trust International has approximately $112 billion in AUM. The firm was acquired by Franklin Templeton in 2001.
Separately, Edward Jones Canada signed a deal to buy another subsidiary of Franklin Templeton, Fiduciary Trust of Canada, subject to regulatory approval. The acquisition of the wealth manager will allow the firm to expand its estate planning, estate settlement, and trustee services in the country.
