US Fiduciary, a Houston-based wealth management firm, has hired Mary Ann Lambert from Smith Barney to head its newly opened office in Philad...

US Fiduciary, a Houston-based wealth management firm, has hired Mary Ann Lambert from Smith Barney to head its newly opened office in Philadelphia. The group has also signed a new strategic relationship with New Century Bank, a commercial bank based in Chicago. "When we wanted to add sophisticated wealth management services to the bank, we choose US Fiduciary because of the strength of its asset management platform and the quality of the comprehensive customer services,” said Marc Pershan, vice president of New Century Bank, in a statement. He added: “The integration of its brokerage and asset management services will provide the crucial support to our wealth management practice.” Ms Lambert said on her appointment: "Most independent broker-dealers merely provide clearing services, and not much else. US Fiduciary has integrated a broker-dealer with a high-end registered investment advisor practice and an asset management platform.” She added: “The US Fiduciary comprehensive open architecture platform and technology, including an institutional quality hedge fund offering, will enable me to meet the increasingly complex needs of high net worth and institutional clients."