Fiduciary Trust Company Names New Southern Florida Leadership

Tom Burroughes

10 April 2019

Fiduciary Trust Company International, a wholly-owned subsidiary of Franklin Templeton, has appointed Michael A Cabanas as regional managing director for its South Florida office in Coral Gables.

Linda Krouner, his predecessor as regional managing director, will split her time between Fiduciary Trust’s offices in Coral Gables and New York, where she will continue to play an active role in client and portfolio management, the firm said in a statement yesterday.

“This is a natural step for Michael given his in-depth knowledge of South Florida and the wealth management needs of the region’s residents,” Lawrence A Sternkopf, president and chief operating officer of Fiduciary Trust Company International, said. “We also value Linda’s ongoing contributions to our South Florida business, and look forward to working with both Linda and Michael to expand our client base and capabilities across the region.”

Cabanas originally served as a business development officer for Fiduciary Trust International of the South from 2006 to 2013, and re-joined the firm as managing director and head of relationship development in 2016. Earlier in his career, Cabanas was executive vice president and head of wealth management at Coconut Grove Bank. He also held senior banking positions at BNY Mellon Wealth Management and JP Morgan Private Bank.

In addition to having been elected to the Orange Bowl Committee as an active member for 2018-2019, Cabanas is a member of the University of Miami’s Citizens Board and a past board member of the Boys & Girls Clubs of Miami-Dade. He received his MBA from Nova Southeastern University.

Among recent additions, Michael Schiff joined the firm’s Boca Raton office as a wealth director in September 2018, and Edgardo Gonzalez joined as a Coral Gables-based senior portfolio manager in August 2018. Leticia Hernandez also joined Fiduciary Trust’s Coral Gables office as trust counsel in June 2018.

The firm oversees more than $70 billion in assets under administration and management as of December 31, 2018.

Florida's prowess as a wealth management market is gaining traction. Florida is increasingly visible as a wealth management arena. A few weeks ago, for example, Dynasty Financial Partners, the US wealth management group, said it was moving its headquarters to St Petersburg in Florida, leaving New York City in the second quarter of this year, a move that chimes with recent moves and entrants into the Sunshine state by other firms.