National Advisors Trust Company announced Monday that James A. Combs Jr. has taken over as chief executive of the independent
trust company. Mr. Combs started in his new post April 1.
Prior to joining NATC, Mr. Combs was chief operations officer for SEI Investment Manager Services. He has more than 20 years' experience in investment management and custody services, NATC said.
“This was the next logical installment in my career,” Mr. Combs said. “It's an opportunity to run a company, with a sound business strategy. … I've been impressed by the people here [at NATC]. It's a very cohesive team, with a lot of tenure.”
Mr. Combs is relocating from suburban Philadelphia to NATC's headquarters in Overland Park, Kan.
He fills the top spot left vacant last September when former chief executive Ronald Ferguson left to found Ferguson Group LLC, a financial industry consultant.
NATC, which operates in 50 states, is owned by its 135 RIA clients, who are shareholders in the firm and have $8 billion in assets under
trust administration at the firm.
Mr. Combs said he will continue several NATC initiatives. One will be a South Dakota
trust company offering, which would offer perpetual trusts and some additional creditor protection. The South Dakota
trust company is pending approval.
NATC is also working on developing multicustodial services, an effort it announced last year.
“What we are trying to do is build out a high degree of automation, so we can handle [multicustodial services] in volume,” said David Roberts, NATC president and chief operating officer.
Mr. Roberts wouldn't name any of the potential outside custodial partners, but last year NATC said it was working with Schwab Advisor Services, Fidelity Institutional Wealth Services and TD Ameritrade Institutional.
Multicustodial capabilities would allow advisers to keep assets at their main custodian while using NATC as a corporate trustee and administrator.
Independent
trust companies like NATC attract advisers by letting them manage
trust assets while the
trust company handles administrative duties. Many traditional large
trust banks insist on managing assets for
trust clients.
Trust companies have benefitted from an aging population that increasingly uses trusts, as well as changes in custody rules that make it difficult for advisers themselves to act as trustees.
