Palm Beach, FL-based Chilton Trust Company, a private fiduciary wealth management firm, has obtained approval from the Florida Office of Financial Regulation to employ trust powers.

The firm is now endorsed to act as executor/personal representative and trustee on behalf of estates and trusts.

"We are delighted that after a rigorous process, the Florida regulatory authorities have approved our application to form a trust company, the first such approval in eight years,” said Richard Chilton, chairman and chief investment officer of Chilton Trust.

The firm was founded in June 2010 as Chilton Trust Management. It provides family office services, asset allocation advice, management of separate portfolio accounts, full fiduciary services, trust and estate administration and planning, and tax advice, with some services provided through Chilton Private Clients, Chilton Trust's affiliate in New York and Connecticut.

The board consists of Garrison Lickle, president and chief executive, and Richard Chilton, chairman and chief investment officer, as well as independent directors William Boardman, Porter Goss and James Hawkes.  

Formerly, Boardman was a director at Bank of America, in addition to vice chairman of Bank One Corporation, president and CEO of First USA Bank, and chairman and director of Visa International and Visa USA. 

Goss was latterly a director of the Central Intelligence Agency, while Hawkes is former chairman, president and CEO of Eaton Vance, as well as a former director of Investors Bank and Trust.