Bank trusts are essential players in the wealth management space. Acting as fiduciaries, these institutions support families, individuals, and organizations with estate planning, asset protection, and long-term wealth preservation strategies.
For investment managers, identifying the right bank trust relationships (especially across international markets) can be complex. These firms often operate behind the scenes, with limited public visibility. Dakota Marketplace helps simplify the search by offering verified data, allocator context, and direct contact information, all in one place.
In this article, we are giving you a list of the top 10 bank trusts in the USA. To see the full list, you can view it in Dakota Marketplace.
1. J.P. Morgan & Co.
AUM: $3.9T
Metro: New York City
J.P. Morgan & Co. is a Bank headquartered at 390 Madison Avenue, New York, NY. With assets totaling $3.90 trillion, the firm's operations encompass JP Morgan Asset Management, JP Morgan Securities, Chase Private Client, and JP Morgan Private Bank. Notably, approximately $800 billion of the total assets are dedicated to wealth management services, overseen by a team with a global presence in New York, London, and Spain.
The firm's Alternative Investments Group offers a diverse range of hedge funds and private investments, including real estate, infrastructure, private equity, and more. J.P. Morgan's Multi-Asset Solutions team manages various investment models, catering to High Net Worth (HNW) individuals, endowments, foundations, and institutional clients. With a strong focus on manager selection and a wide array of investment opportunities, J.P. Morgan & Co. remains a prominent player in the financial services industry, particularly in New York City.
2. Wells Fargo
AUM: $2T
Metro: St. Louis
Wells Fargo operates as a Bank with a diverse range of services across its Wealth & Investment Management division. The firm is headquartered at 1 North Jefferson Avenue, St. Louis, MO and manages a substantial $2 trillion in client assets. Within the St. Louis office, the firm maintains a strong presence, particularly in Wealth Fargo Advisors, with notable figures such as Terry Peterson, Peter Larson, and Tom Boden, alongside the High Net Worth Investment Consulting Group led by Chris Mikkelsen. The Global Manager Research team within the Investment Institute, including Todd Noel, plays a crucial role in the firm's investment strategies.
Wells Fargo emphasizes a client-centric approach, offering a wide array of financial products and services through various business lines. The firm actively invests across diverse asset classes, including private equity, venture capital, private credit, and real assets, while also maintaining positions in listed equities and fixed income securities for portfolio diversification and liquidity management. With offices in key locations like San Francisco, New York, and Charlotte, the firm's Global Manager Research team supports all business units by rigorously vetting managers and ensuring alignment with client needs and preferences.
3. Northern Trust
AUM: $1.4T
Metro: Chicago
Northern Trust is a Bank headquartered at 401 South La Salle Street, Chicago, IL, with a significant presence in the Chicago metro area. The firm is renowned for its extensive wealth management services, boasting an impressive $1.4 trillion in assets under management. Northern Trust caters to corporations, institutional investors, and high net worth individuals, operating globally with offices in key locations such as Chicago, Stamford, and Toronto. The firm's strategic focus includes a Special Strategies Group responsible for real assets like listed and private real estate, infrastructure, commodities, and MLPs. Northern Trust's OCIO business encompasses diverse client segments such as retirement plans, global family offices, non-profits, and healthcare organizations. Additionally, the firm emphasizes various wealth management platforms, including model delivery, multi-advisor funds, and multi-manager funds, offering a range of investment solutions to meet client needs and preferences. Northern Trust's commitment to flexibility and scalability across different investment vehicles underscores its dynamic approach to wealth management.
4. RBC Wealth Management
AUM: $647B
Metro: Minneapolis
RBC Wealth Management operates as a Bank with a substantial focus on wealth management services. The firm is headquartered at 250 Nicollet Mall, Suite 1800, Minneapolis, MN, and is associated with the Minneapolis metro area. RBC Wealth Management manages a total of $647.0 billion in client assets, supported by a network of over 6,092 financial advisors across 184 locations in 42 states.
The firm offers a comprehensive wealth management platform, which includes a diverse range of investment options such as mutual funds, ETFs, SMA/UMA, and CEFs. RBC Wealth Management has established partnerships to enhance exposure to private offerings and utilizes a robust advisory structure that encompasses both brokerage and fee-based services. The firm emphasizes high-conviction strategies within its select list and maintains a geographical investment focus primarily in the United States.
5. Deutsche Bank Private Wealth Management
AUM: $595B
Metro: Baltimore
Deutsche Bank Private Wealth Management is a Bank institution located at 1 South Street, Baltimore, MD within the Baltimore metro area. Part of Deutsche Bank's $595B Private Bank, it specializes in managing assets for institutional investors, family offices, and individuals.
Deutsche Bank Private Wealth Management oversees a substantial AUM of $595,000,000,000. The institution's focus lies in providing comprehensive wealth management services, catering to a diverse client base with a wide range of financial needs and investment objectives.
6. Truist (SunTrust Bank)
AUM: $503B
Metro: Atlanta
Truist (SunTrust Bank) is a Bank entity headquartered at 303 Peachtree Center Avenue Suite 140, Atlanta, GA. Following the merger of SunTrust and BB&T in 2019, the institution has amassed over $530 billion in assets under management. Notably, Truist operates across multiple locations, including Charlotte, Winston-Salem, and Atlanta, with a focus on wealth management services inherited from SunTrust.
The Truist platform, managed by key figures such as Brian Dowhower and Jeff Dunn, emphasizes discretionary and OCIO capabilities. The institution's offerings span various specialty wealth groups, institutional services, and advisory support teams. Additionally, Truist's alternative investments, led by Spencer Boggess, target funds between $500 million and $5 billion in size, reflecting a strategic approach to fund selection and due diligence processes.
7. Santander Bank
AUM: $482B
Metro: Miami
Santander Bank is a Bank headquartered at 1401 Brickell Avenue, Miami, FL, operating within the Miami metro area. The bank provides a range of financial services including savings and current accounts, investment services, online banking, mortgage and non-mortgage loans, credit cards, and business loans to clients in the United States.
Santander Bank manages a significant AUM of $482B. The bank's platform focuses on offshore investments for alternative and traditional assets, subject to approval from Madrid for managers. Investments require a minimum of $300 million and a 3-year track record, emphasizing strong quantitative competitiveness. Additionally, the bank's alternative investment research contacts include Ivan Howard, Facundo Ciano, and Alejandro Cardenas.
8. Citi Group Private Bank
AUM: $390B
Metro: Philadelphia
The Citi Group Private Bank is a Bank headquartered at 222 Delaware Avenue, Wilmington, DE, in proximity to Philadelphia. The firm focuses on traditional manager research at this location, including coverage of liquid alternatives. For private alternative investments, the main hubs are in Boston and New York City, led by Dan O'Donnell in Boston. Notably, the bank caters to a diverse global client base, emphasizing the importance of offshore vehicles or UCITS for foreign clients. With an AUM of $390B, the Citi Group Private Bank manages a significant $230B traditional investment inventory within an $80B wealth management platform. This platform is accessible to 1,000 high net worth advisors and private bankers, comprising 600 investment specialists and 400 private bankers. Offering 280 recommended strategies, including mutual funds, ETFs, SMAs, and global funds, the bank's platform serves its global advisor and client base efficiently. The firm's offerings span various models and opportunities, supporting discretionary model teams and mutual fund-focused lists, aligning with its commitment to providing tailored financial solutions.
9. First Republic Bank
AUM: $271.2B
Metro: San Francisco
First Republic Bank (now JP Morgan Wealth Management) is a Bank headquartered at 111 Pine Street 7th Floor, San Francisco, CA. The firm boasts a significant AUM of $271.2B and specializes in wealth management assets. Operating within the San Francisco metro area, it has strategically expanded its reach through acquisitions and recruitment efforts, particularly in cities like Palo Alto, Los Angeles, and New York City.
The First Republic investment platform encompasses various strategies, including FRIM Model Management and FRIM Separately Managed Accounts. Notably, the firm offers access to a Private Investment Platform with over $10B in assets, emphasizing alternative investments such as private equity, private credit, and hedge funds. With a focus on portfolio diversification and growth, First Republic aligns its investment approach with client needs and market opportunities, aiming to deliver tailored wealth management solutions.
10. BNY Mellon Wealth Management
AUM: $260B
Metro: New York City
BNY Mellon Wealth Management operates as a Bank, with its headquarters located at 240 Greenwich Street, New York, NY. The firm is associated with the New York City metro area. BNY Mellon provides a range of financial services, leveraging its extensive research capabilities and diverse divisions, including BNY Wealth Management, Lockwood Advisors, and Fiduciary Solutions. The firm emphasizes traditional TAMP services and offers a variety of investment products, including mutual funds, ETF wrap accounts, and SMA programs.
BNY Mellon manages a substantial AUM of $260 billion. The organization is active in direct deals and co-investments, typically ranging from $5 million to $20 million. Its investment interests are broad, covering sectors such as consumer/retail, aerospace/defense, healthcare, and technology, with a primary geographical focus on the United States. The research team employs a comprehensive due diligence process to assist clients in building portfolios, evaluating managers based on multiple qualitative factors.
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