Fiduciary Trust expands its $94B firm to ‘Wall Street South’

investmentnews.com:

Global wealth manager Fiduciary Trust International has expanded its growing footprint in South Florida, to serve high-net-worth clients in the region.

The $94 billion AUM firm provides a customized investment and wealth management offering, including access to leading alternative investment managers, family office services, trust and estate management, and sustainable investing expertise and capabilities.

While the firm – a subsidiary of Franklin Templeton – is headquartered in New York, it has multiple offices in Florida and California, along with several locations in other states.

But the South Florida market has particular importance as a growing market for the firm and the wider financial services industry. Specifically, West Palm Beach, where Fiduciary Trust’s new office is located, has been dubbed ‘Wall Street South’ with the regional marketing board even advertising it as such in Manhattan.

Palm Beach County’s Business Development Board says that around 100 New York City financial services firms have been attracted to the area since 2019.

“We have been deeply ingrained in the South Florida community for decades, and the financial services industry’s expansion in this region is vital for the local economy,” said Gene Todd, executive vice president and head of regional markets at Fiduciary Trust International. “Our focus remains on the seamless delivery of financial peace of mind to clients and their families, and our new office in West Palm Beach will help us bring our expertise and customized offering to more people in this area.”

The firm’s expansion in the region in recent years includes Robert W. Murphy who joined as a Boca Raton-based wealth director in September 2022, and Sam Fraenkel started as a wealth