Scott Sumner was named vice president and head of custody at Fiduciary Trust Co.
The position is new. Senior officers at Fiduciary Trust previously had handled the duties, said Mr. Sumner in an e-mail.
The company is looking to expand its custody business to endowments and foundations as well as high-net-worth investors and family offices with assets ranging from $100 million to $700 million, said Mr. Sumner.
Mr. Sumner was vice president and head of relationship management for State Street Wealth Manager Services.
Fiduciary Trust has $11 billion in assets under custody.