Rossmiller, formerly global head of fixed income for Deutsche Bank Private Wealth Management, has replaced Harold Woolley, who remains with the firm in the capacity of managing director and portfolio manager, according to the reports.

Family Wealth Report was not immediately able to confirm the reports from Bessemer at the time of going to press.

In his new role Rossmiller reports to Marc Stern, chief investment officer, and is also a member of the company’s investment policy and strategy committee.

Founded in 1907, Bessemer Trust is privately owned and focuses on high net worth families and their foundations and endowments, overseeing more than $50 billion in assets for over 2,000 relationships. Last year it reported full year earnings of $22.4 million, representing a 20.5 per cent decline from 2008.