Emigrant Bank unit brings in wealth-platform veteran for new platform push. New York Private Bank and Trust (NYPBT) has hired former Concord Wealth Management executive Richard Trumpler to run the outsource version of its trust and charitable-giving platform.

Trumpler reports to NYPBT's chief fiduciary officer Victor Xistris.

"Dick brings a wealth of knowledge and deep experience to our team," says Xistris. "As a seasoned professional, he will enable us to quickly expand our present capabilities nationally through new channels."

Specifically Trumpler will lead NYPBT's efforts to provide back-office support for trust administration and expertise in philanthropic structures with a view to -- as NYPBT says in a press release -- "extend the breadth of services" investment advisories, community banks, accounting firms and law firms can offer their clients.

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The idea is to give small banks and wealth-management firms the wherewithal to provide estate-planning and charitable-giving services without the risk, bother and overhead costs associated with establishing and running a trust department.

"You can't just open a trust department and have it profitable over night," says Xistris.

NYPBT's white-label trust-administration platform is an outsourced version of in-house services it provides directly to its own high-net-worth and ultra-high-net-worth clients. The service offering includes advice around philanthropic structures and continuity as well as grant administration and governance.

The business is supported by its Wilmington, Del.-based sister company New York Private Bank & Trust FSB, a federally chartered trust bank.

Trumpler joined NYPBT early this month. Before that he was CEO of the banking-services unit of Matawan, N.J.-based Concord, investment-platform provider and wealth-practice consultancy. The banking channel accounts for the bulk of the Concord's assets under administration.

Prior to joining Concord in 2005, Trumpler led Citigroup's trust department in New York. Before that he was a senior v.p. of Bank of Boston (now part of Bank of America.)

Howard Milstein, chairman of NYPBT and co-chairman of its sister company Emigrant Bank, says the addition of Trumpler gives the private bank an opportunity "to implement significant growth strategies on a national scale."

Xistris says NYPBT is "in negotiations with several institutions" for its outsourced trust services, but hasn't landed any clients yet. It has been in the "test-marketing" phase "for the better part of a year," he adds.

NYPBT is a division of Emigrant. New York-based Emigrant, founded in 1850, is a subsidiary of New York Private Bank and Trust Corporation, founded in 2005.

NYPBT doesn't disclose assets under management, advisory or administration. -FWR

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