INVESTMENT—Finance Veteran Goes To Fiduciary Trust in Competition for Talent

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In a sign of the increasing competitiveness among Los Angeles investment management firms, Fiduciary Trust Co. International has snagged veteran financial services executive William Barrett from U.S. Trust Corp., where he had worked since 1988, most recently as head of its newly formed Beverly Hills office.

Barrett was made vice chairman, president and chief executive of Fiduciary’s Los Angeles office, which serves high-net-worth individuals and institutions all over the southwestern U.S.

Barrett said he was enticed to jump ship to Fiduciary, in part, by the challenge of focusing on the broader southwestern region, something he couldn’t do at U.S. Trust’s local office, which served affluent communities on L.A.’s Westside.

Barrett’s move is striking given U.S. Trust’s excellent reputation for serving the high-net-worth market, according to Putnam Lovell Securities analyst Bruce Brewington. “Hiring an executive out of the U.S. Trust model can only help Fiduciary expand its profile,” he said.

Southern California has become a battleground for investment management firms, which are fighting for a piece of the region’s entrepreneurial and entertainment industry wealth. Trusts like Fiduciary, U.S. Trust and Northern Trust compete with boutique firms and big banks like Wells Fargo.

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