Less than four years after Atlantic Capital Bank and FSG in Chattanooga spun off its wealth management and trust business to create Southeastern Trust Co., the growing chartered trust company is expanding with another office in Atlanta.
Southeastern Trust announced this week it is opening an office near Buckhead in Atlanta to supplement its headquarters in Chattanooga and another office in Nashville. The office, located in the Forum at West Paces on Northside Parkway, will be headed by Robert Fell, managing director of Southeastern Trust.
"Atlanta continues to be a high growth area, and we are excited to have a permanent location from which we can provide even more hands-on service to our clients," Fell said in an announcement of the new office. "This new location provides us the proximity we need to respond to the unique needs of high net worth families and business leaders in one of America's fastest-growing cities."
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As a Tennessee-chartered trust company, Southeastern Trust can still offer the advantages of Tennessee's favorable tax and trust regulations in Georgia and across the Southeast.
Since becoming an independent, Tennessee-chartered trust company four years ago, the firm has built a reputation throughout the Southeast for its expertise in advising and building unique solutions for high-net-worth families and business leaders. The firm provides a family office experience and a holistic approach to wealth management.
"We achieve results for our clients by building strong relationships with them. Our presence in Atlanta will enable us to respond and serve clients with speed and agility," said Bart Rolen, chief executive officer of Southeastern Trust Company. "Our entry into Atlanta is part of our vision to serve families across the entire region with great care, vast expertise and unique solutions."
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State chartered trusts with Chattanooga offices
Among the 15 state-chartered public trusts established in Tennessee, three are headquartered in Chattanooga, and three others based elsewhere operate offices in downtown Chattanooga.— Advocacy Trust LLC, in the Liberty Tower at 605 Chestnut Street, suite 340.— Magnolia Trust Company in the Volunteer Bank Building at 832 Georgia Avenue, Suite 410 in Chattanooga.— Southeastern Trust Company LLC, in the Krystal Building at 100 W. Martin Luther King Boulevard, suite 600.— Cumberland Trust and Investment Company, headquartered in Nashville with local office in the Republic Centre building at 633 Chestnut Street, in Chattanooga.— Pendleton Square Trust Company, based in Nashville, operating in Chattanooga in the Volunteer Bank building at 832 Georgia Ave., Suite 210.— The Trust Company of Tennessee, based in Knoxville, with Chattanooga office in the Volunteer Bank building at 832 Georgia Avenue, Suite 505.Source: Tennessee Department of Financial Institutions
Southeastern Trust is one of 15 chartered trust companies in Tennessee that are capitalizing on the state tax and banking rules that grant trusts greater flexibility and tax advantages than in most states. As a result, Tennessee continues to attract capital assets under Tennessee trust management.
Alica Owen, public information officer for the Tennessee Department of Financial Institutions which recently approved Southeastern Trust's move into Georgia, said in an email message that "Tennessee has become one of the best and most attractive legal environments in which to establish and locate trust and investment assets."
Since 2014, state-chartered public trust company assets under management have grown from approximately $18 billion to $85 billion as of June 2021.
Among the 15 chartered trust companies operating in Tennessee, three are headquartered in downtown Chattanooga - Advocacy Trust LLC in the Liberty Tower, Magnolia Trust Co. LLC in the Volunteer Building and Southeastern Trust Co. LLC in the Krystal building.
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Southeastern Trust, which also opened an office in Nashville last February, has nearly doubled its assets under management since spinning off from Atlantic Capital and has grown its trust portfolio to about $600 million, Rolen said.
"A majority of our clients are already in the Atlanta area, and we've been eager to open an office in Atlanta for some time, but the opportunity to open in Nashville came up first," Rolen said in a telephone interview with the Times Free Press. "Our plan over time is to try to open offices where it makes sense for us. I'd love to be in Dallas, and there are other markets in the Southeast where we might expand with an office presence."
While the company has expanded through its own organic growth, Rolen is also looking at strategic acquisitions to grow the business.
Rolen said Southeastern Trust, which has 14 employees, works with high net-worth families with a variety of financial services as a full-service shop, including real estate, private equity, bill paying and other business interests.
Contact Dave Flessner at dflessner@timesfreepress.com or at 423-757-6340.