Eliane Chavagnon
Reporter
29 June 2012
Daily News Analysis
Harris myCFO, the US-based family office advisory unit of BMO Financial Group, has reinforced its trust capabilities, launching BMO Delaware Trust Company.
The office, led by Deborah Korompilas, president, and Douglas Lundblad, vice president, is located in Greenville, DE, and provides a range of services afforded by Delaware trust law. By establishing a presence in Delaware, the firm said its UHNW clients would have significantly more flexibility in planning strategies.
Developments in the US tax code have prompted many firms to either strengthen their existing trust business or indeed launch new ones. In January, Dan Lindley, president of The Northern Trust Company in Delaware and chief fiduciary officer of its private client business in Guernsey and Cayman Islands, said 2012 would be "even more tax-driven" than 2011.
For example, earlier this year Key Private Bank established a Delaware national trust company to work with its wealthy clients and prospects on asset protection and tax savings. Likewise, New York-listed First Republic Bank launched a new trust company in Delaware in March, naming John McCabe as managing director and senior trust officer. In the same month Cambridge Bancorp named Susan Martore-Baker as president of its subsidiary, Cambridge Trust Company of New Hampshire, while Neuberger Berman hired Diane Lederman as president and chief executive of Neuberger Trust Company.
As well as trust services, Harris myCFO provides investment, tax, financial reporting, risk management, philanthropy, and capital advisory and custom banking services to UHNW clients throughout the US.
