Paul Cummings Joins Fiduciary Trust International as Head of Family Office Services, Foundations & Endowments, Strengthening Suite of Offerings for These Clients

Rhea-AI Summary

Fiduciary Trust International has appointed Paul Cummings as the new head of family office services, foundations, and endowments, a role aimed at enhancing the firm's comprehensive offerings for high-net-worth clients. Cummings brings extensive experience from Abbot Downing and Merrill Lynch, focusing on investment strategy and governance. The firm's president emphasizes the importance of evolving client needs, while CEO John Dowd asserts their commitment to optimizing financial outcomes post-pandemic. Fiduciary Trust has $99 billion in assets under management as of June 30, 2021.

Positive

• Appointment of Paul Cummings to strengthen family office services.
• Cummings' extensive experience enhances service offerings.
• Firm has $99 billion in assets under management.
• Commitment to evolve services for changing client needs.

Negative

• None.

Fiduciary Trust International, a global wealth manager and wholly-owned subsidiary of Franklin Templeton, welcomes Paul Cummings to the organization as head of family office services, foundations, and endowments. In this newly created role, he will work with experienced professionals across the organization to manage and continue strengthening the suite of comprehensive services specifically designed for the unique needs of these clients.

Paul Cummings, Head of Family Office Services for Foundations and Endowments, Fiduciary Trust International (Photo: Business Wire)

“Fiduciary Trust International delivers a wide-ranging suite of investment, planning, and complementary services designed specifically for high-net-worth and ultra-high-net-worth individuals, foundations, and endowments,” said Lawrence A. Sternkopf, president and chief operating officer of Fiduciary Trust International. “Paul’s deep experience developing solutions—encompassing everything from investment strategy development, integrated planning and administration, and governance to tax management—for families and non-profit organizations positions him well to ensure we continue to meet the complex needs of our clients as they evolve.”

Fiduciary Trust International was established 90 years ago by families for families, combining the personalized service of a boutique wealth manager with the extensive resources that come with being part of a leading global investment firm. The organization’s advisors deliver wealth planning, investment management, trust, estate, and family office services as part of a holistic offering, enabling them to understand the complete financial picture of a family or institution from a multi-generational perspective.

“For nine decades, we have focused on helping families and other clients optimize their financial picture throughout all market conditions,” said John M. Dowd, chief executive officer of Fiduciary Trust International. “With multiple factors weighing on investors’ minds in the wake of the pandemic, we will continue expanding our teams and services to help our clients plan ahead and achieve financial peace of mind.”

Mr. Cummings joins Fiduciary Trust International from Abbot Downing, a business of Wells Fargo, where he served as regional managing director for the Northeast, and was responsible for relationship management, client service, risk management, and team member development. While at Abbot Downing, he was a member of the operating, management, pricing, and investment committees governing the national business.

Prior to Abbot Downing, Mr. Cummings was a managing director at Merrill Lynch, where he held many senior leadership positions, and led the business formed to serve foundations, endowments, and middle-market pension plans following the acquisition of U.S. Trust. He also oversaw the outsourced chief investment officer (OCIO) business for both U.S. Trust and Merrill Lynch. Earlier in his career, Mr. Cummings worked for Bank of New York, where he was part of the team that created the BNY Hamilton Funds (domestic and international mutual funds) and BNY Partners Funds (private equity and hedge fund of funds), and led the advisor wealth services division.

“Fiduciary Trust International was founded as a multi-family office, so an appreciation of the importance of growing and protecting wealth from generation to generation is woven into the fabric of this organization,” said Mr. Cummings. “Being a fiduciary isn’t just part of Fiduciary Trust International’s name—being a fiduciary is in its DNA. I look forward to working with my colleagues to continue helping families, foundations, and endowments achieve their long-term goals through personalized service and solutions.”

Mr. Cummings graduated from St. Lawrence University with a bachelor of arts in history, and completed accounting and strategy courses in the MBA program at St. John’s University. He has also received his certification in trust investment management from the New York Bankers Association, and serves on the Historical Society of Pennsylvania’s board of councilors.

About Fiduciary Trust International

Fiduciary Trust International, a global wealth management firm headquartered in New York, NY, has served individuals, families, endowments and foundations since 1931. With over $99 billion in assets under management and administration as of June 30, 2021, the firm specializes in strategic wealth planning, investment management and trust and estate services, as well as tax and custody services. The New York-based firm and its subsidiaries maintain offices in Coral Gables, FL, Boca Raton, FL, St. Petersburg, FL, Radnor, PA, Lincoln, MA, Los Angeles, CA, San Mateo, CA, San Francisco, CA, Washington, DC, Wilmington, DE, and Reston, VA. For more information, please visit fiduciarytrust.com, and for the latest updates, follow Fiduciary Trust International on LinkedIn and Twitter: @FiduciaryTrust.

About Franklin Templeton

Franklin Resources, Inc. [NYSE: BEN], is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 70 years of investment experience and over $1.5 trillion in assets under management as of June 30, 2021. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

Copyright © 2021. Fiduciary Trust International. All rights reserved.

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FAQ

Who is Paul Cummings in relation to Franklin Templeton (BEN)?

Paul Cummings is appointed as the head of family office services at Fiduciary Trust International, a subsidiary of Franklin Templeton.

What are the responsibilities of Paul Cummings at Fiduciary Trust International?

He will manage and enhance services for family offices, foundations, and endowments.

What is the asset management figure for Fiduciary Trust International?

Fiduciary Trust International has over $99 billion in assets under management.

How does Fiduciary Trust International plan to adapt to market conditions?

They plan to expand teams and services to meet clients' evolving financial needs.

What is the significance of the appointment of Paul Cummings for Franklin Templeton's shareholders?

Cummings' appointment aims to enhance service offerings, potentially benefiting client relationships and assets under management.