Corning, NY, March 25, 2014 -- Market Street Trust Company, a privately owned wealth management firm providing comprehensive financial and investment services for high-net worth families, announced today that it will open an office in New York City and that Robert Elliott has been named Vice Chairman to head the new office.
The office will be initially located at 590 Madison Avenue in Midtown Manhattan. The firm will continue to be based in Corning, NY and is committed to maintaining its primary operations there. Elliott will launch the office and build a team over time that will be supported and fully integrated with the staff in Corning.
Elliott is a highly regarded industry executive serving wealthy families. He was most recently a Senior Advisor, and previously Senior Managing Director, with Bessemer Trust. Elliott, a current member of the Market Street Board of Directors, will continue to serve on the board and will report to Marianne Young, Market Street's President and Chief Executive Officer.
"This expansion of Market Street's operation to New York City enhances our ability to serve our clients in the New York City area and provides proximity to many of our investment managers and advisors," said Marianne Young. "Opening the office and adding an executive of Rob's caliber is an exciting opportunity that we believe will benefit our clients, as well as enable us to continue the thoughtful expansion of our business. Rob's deep understanding of our culture and mission makes him perfectly suited to be a key member of our leadership team."
"Market Street is an exceptional organization and I am privileged to join it on a full-time basis," Elliott said. "Market Street is a shared family office, owned by its client families. Not only is it free of conflicts so prevalent among wealth management firms, but client interests are directly aligned with the mission of the organization. Market Street is very appealing to families seeking to create, in effect, their own family office within Market Street. I am particularly impressed with their comprehensive approach and their use of tax efficient investment strategies."
Elliott was most recently a Senior Advisor at Bessemer Trust, a position he transitioned to in 2011 after serving as Senior Managing Director with oversight for client service, business development and marketing. He also created Bessemer Trust's private equity investment program, family wealth stewardship program and philanthropic advisory services. Elliott was instrumental in transitioning and growing Bessemer Trust from a single family office to the organization it is today. Robert is a well-known professional in the wealth management and family office industry. He was an Advisory Faculty member of the Institute for Private Investors when it was formed in 1990, has spoken at Family Office Exchange and Family Wealth Alliance programs and authored numerous articles for The Journal of Wealth Management and Family Business Magazine.
"We are delighted that Rob is joining us to help establish our presence in New York City," said James D. Houghton, Chairman of Market Street's Board of Directors. "Rob has been a valued member of our board for several years, and we are fortunate to be able to work even more closely with him as we selectively grow our business. Not only does he bring significant industry experience and expertise but his personal values and his commitment to outstanding client service and comprehensive wealth management make him a great fit for Market Street."
About Market Street Trust Company
Market Street is a client-owned New York trust company providing comprehensive wealth management for multiple generations of its founding family and other select client families and foundations. The firm provides investment management and advisory services, fiduciary services, tax planning and tax compliance, financial counseling, executive compensation and retirement planning, estate planning guidance, risk management advice and coordination, assistance with philanthropic endeavors, financial education and support for family communication initiatives. Market Street has been stewarding family wealth since 1909, when the office was created to serve the needs of the extended Houghton family, founders of Corning Incorporated.
Written by Michael Wichman, Dooley Wichman Communications