Mr Paulson joins GenSpring from US Trust Corporation, having previously spent 10 years at Arthur Andersen and several years at US Bank.

“I know that Bruce’s leadership in Minneapolis will ensure that we are able to bring GenSpring’s deep resources and unconflicted advice to families in the Twin Cities and across the Midwest who are looking for a wealth management relationship in which they can trust completely,” said Maria Elena Lagomasino, chief executive of GenSpring.

Last month GenSpring announced the hire of Phoebe Venable as a family investment officer based in Nashville, Tennessee.

In her new role Ms Venable will oversee investment policy, asset allocation and portfolio construction for families based in Tennessee – a state that GenSpring considers to have a growing wealth management market.

GenSpring, which was founded in 1989, now serves over 700 families globally and has nearly $16 billion in assets under advisement. Headquartered in Florida, the firm has 15 local family offices across the US.