San Antonio Capital & Trust Company, a Texas-based wealth manager, has hired a new chief executive and president from Bessemer Trust.

Audie Apple, the new CEO, was formerly managing director for Bessemer Trust for the Southwest, based at the US wealth manager’s Dallas office. He is a native Texan. Before Bessemer, he worked at AllianceBernstein in the private wealth division, between 1996 and 2011.

With this background, the step for Apple represents a change of environment, as Bessemer and AllianceBernstein, which are both headquartered in New York, are far bigger in terms of client assets. Bessemer supervises just under $80 billion, while AllianceBernstein manages $430 billion, although this represents both institutional and private clients.  

San Antonio Capital & Trust, meanwhile, a subsidiary of San Antonio Capital & Trust Holdings, was established in 2009 by a group of investors in the San Antonio area, who were looking to establish a wealth management firm where owner and client interests were aligned. The firm uses a model where clients co-invest with shareholders and has garnered $185 million assets under management so far.

“This is an extraordinary opportunity for me professionally,” said Apple. “San Antonio Capital & Trust Company has made tremendous progress through the efforts of the current management team and leadership of the board and partners. They have developed a thoughtful, client-centric investment solution and a truly differentiated offering in a crowded business.”

Unusually for the industry, the firm publishes its fee schedule on its website, with charges starting at 1 per cent of assets for assets up to $1 million, and with a falling step system from there as assets increase, down to 0.65 per cent of assets for over $5 million.