The report of the hiring appeared initially in the Wall Street Journal. This publication is in contact with Bessemer to confirm the report and will update with further details in due course.

Frecentese was most recently at Lyxor, which he joined last year after two years at Citi Private Bank, where he was global head of hedge funds. He moved to Citi when the bank acquired hedge-fund platform HedgeForum, the report said.

The report came two weeks after the business added Grant Gardner to its New York office as a principal and head of estate administration and fiduciary counsel. Gardner manages all estates for which Bessemer is serving as executor or as personal representative, reporting to Lynn Lederman, managing director and senior fiduciary counsel for the northeast.

Bessemer Trust focuses exclusively on ultra high net worth families and their foundations and endowments. The firm oversees $97.5 billion for approximately 2,200 clients.

In October, Bessemer opened its 17th US office and its second in Texas, while appointing Jim Chandler as managing director and head of the new Houston location.