Atlantic Trust, the U.S. private wealth management division of Toronto-based CIBC, announced that it has received a Delaware limited purpose trust charter.
Tha enables the firm to offer trust services beyond that already provided by its national trust company. CIBC is a large Canadian bank and financial services company whose bank operates under the name of Canadian Imperial Bank of Commerce.
“As a leading advisor to families of wealth, Atlantic Trust is pleased to offer this important and valuable new trust service that can help our clients protect and maximize their wealth,” said Jack Markwalter, CEO of Atlantic Trust. “We’re so pleased to introduce this service and to announce that it’s being led by two senior and experienced professionals already in our firm, people who know our clients very well and their expectations on quality and service.”
Leading the Delaware trust team are Dee Ann Schedler, managing director and head of Atlantic Trust’s Wilmington office, and Gabrielle Bailey, wealth strategist and director of Delaware Trust Services.
“Although our status as a nationally chartered trust might have been sufficient, we decided that the more prudent way to go was to also obtain a Delaware trust charter,” said Markwalter. “Other states have attractive trust laws, but Delaware has always been considered a preferred jurisdiction for trust and estate attorneys because of its trust law flexibility and significant body of case law and excellent Chancery Court.”
Schedler has 28 years of industry experience and joined the firm in 2004. Bailey has more than 15 years of industry experience and joined Atlantic Trust in 2003. Reema Antonelli also recently joined the Wilmington team as a senior client service manager.
Atlantic Trust is one of the nation’s leading private wealth management firms, offering integrated wealth management for high-net-worth individuals, families, foundations and endowments. The firm considers clients’ financial, trust, estate planning and philanthropic needs in developing customized asset allocation and investment management strategies.
Atlantic Trust operates in 13 full-service locations throughout the U.S. with $26.2 billion in assets under management as of the end of 2014.
Delaware has a number of limited purpose trust operations that focus on families with high net worths.
