Fiduciary Trust Taps Tech-Minded CIO in PE-Backed Growth Strategy

BOSTON, MA – May 20, 2026 – Fiduciary Trust Company, the 141-year-old Boston-based wealth management firm, has appointed Frank Brochin as its new Chief Investment Officer. The move signals a significant strategic pivot, coming just one month after the firm's acquisition by private equity giant GTCR closed, and points toward a future focused on aggressive growth and technological enhancement.

In his new role, Brochin will helm the firm's investment department, overseeing all strategies to enhance its platform for a clientele of high-net-worth families, individuals, and nonprofits. The appointment is the first high-profile leadership change since GTCR's acquisition and underscores a clear intent to inject new expertise and capabilities into the venerable institution.

“Frank is an accomplished investment leader with broad experience across global markets and asset classes,” said Austin V. Shapard, President & CEO of Fiduciary Trust Company, in a statement. “His depth of experience will be valuable to our clients and our team. We are also pleased that his addition reflects the continued investments we are making in our capabilities with the support of our new capital partner, GTCR.”

A New Era of Capital and Leadership

Brochin’s arrival is inextricably linked to the new chapter Fiduciary Trust embarked upon with its acquisition by GTCR. The deal, announced in November 2025 and officially closed on April 22, 2026, represented the “first institutional capital investment” in the firm’s long history. For a company founded in 1885, the partnership marks a fundamental shift, providing significant resources to accelerate growth.

GTCR's strategy, known as the “Leaders Strategy™,” involves partnering with established management teams and augmenting them with seasoned industry executives. True to form, the acquisition also brought Doris Meister, former Chair and CEO of Wilmington Trust, to Fiduciary Trust as its new Executive Chair. Meister is now working alongside CEO Austin Shapard to deploy the new capital toward ambitious initiatives.

These initiatives reportedly include a significant enhancement of the investment platform, an expansion of client services, a push to further “tech-enable” the firm’s operations, and strategic growth of its employee base. Brochin’s appointment is a direct execution of this plan, bringing in a leader whose background aligns perfectly with a more analytical, global, and technologically integrated approach to wealth management.

The Unconventional CIO: From Engineering to High Finance

What sets Frank Brochin apart in the often-traditional world of Boston wealth management is his unique academic and professional background. He holds a Ph.D. in Electrical Engineering from Princeton University, a credential rarely seen in the C-suite of a private wealth firm, alongside an M.B.A. from Harvard Business School.

This combination of deep technical expertise and top-tier business acumen is increasingly valued in a financial industry grappling with big data, algorithmic trading, and the need for sophisticated quantitative analysis. His engineering background suggests a disciplined, systems-thinking approach to problem-solving that could bring a new level of rigor to Fiduciary’s investment processes.

Brochin’s professional history is equally diverse. Before this appointment, he was the CIO of the Family Office Practice at Focus Partners Wealth. His career spans over two decades and includes a tenure as a partner at the global private equity firm Warburg Pincus, where he led investments in technology and communications across the U.S. and Europe. He also co-founded and served as CIO of StoneWater Capital, an asset manager focused on emerging and frontier markets, particularly in Asia. This global experience provides him with a firsthand perspective on international markets that is critical for managing diversified portfolios for ultra-high-net-worth clients.

“I’m excited to be joining Fiduciary and to work with a talented team that is deeply committed to serving clients’ best interests,” Brochin stated. “Fiduciary has a long history of thoughtful, client-centered investing, and I look forward to building on that foundation.”

Fortifying a Client-Centric Legacy

Despite the infusion of new capital and leadership, the stated goal is to enhance, not replace, the core philosophy that has earned Fiduciary Trust a 98% average annual client retention rate. The firm, which managed approximately $34 billion in assets as of late 2025, has built its reputation on a personalized, objective approach to growing and protecting wealth.

For clients, Brochin’s leadership is expected to translate into a more robust and forward-looking investment platform. His experience across public and private markets is particularly relevant as wealth managers increasingly look to private equity, private credit, and other alternative investments to generate returns in a complex economic environment. His analytical skill set is well-suited to navigating the complexities and risks of these less liquid asset classes.

Brochin’s appointment is a direct answer to the evolving demands of the industry, where CIOs are tasked with managing a delicate balance between generating growth, managing risk, and providing the high-touch, personalized service that wealthy clients expect. The ability to “block out the noise” of short-term market volatility and focus on long-term strategic goals—a hallmark of a disciplined, analytical mindset—will be a key aspect of his role.

Navigating a Competitive Landscape

Fiduciary Trust operates in the highly competitive Boston and New England wealth management market. The firm’s recent accolades, including wins for Best Fiduciary/Trustee Service and Best Custodian at the 2026 Private Asset Management Awards, confirm its strong standing. However, CEO Austin Shapard has previously noted the industry-wide challenge of needing scale and resources to compete for talent and meet growing client demand.

The partnership with GTCR and the hiring of Brochin are a direct strategic response to this challenge. By combining Fiduciary’s legacy and reputation with GTCR’s capital and Brochin’s modern investment expertise, the firm is positioning itself not just to compete but to lead. This powerful combination of old-world trust and new-world strategy aims to ensure that the 141-year-old firm is prepared to thrive for generations to come, leveraging its strengthened capabilities to navigate the dynamic future of wealth management.