CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cambridge Bancorp (NASDAQ: CATC) and its subsidiary, Cambridge Trust Company, today announced that the bank, one of New England’s leaders in private banking and wealth management, has surpassed $3 billion in client Assets Under Management and Administration (AUM and AUA), currently totaling $3.1 billion in assets, including $1.0 billion in New Hampshire. AUM and AUA grew 14.75 percent from year end 2016 to year end 2017.
“Topping the $3 billion level in client assets under management and administration is a substantial milestone for Cambridge Trust, one that reflects our success in meeting the needs of our private banking clientele,” said Cambridge Trust Chairman and Chief Executive Officer Denis K. Sheahan. “The greater Boston area has a large number of high net worth individuals and businesses, and they can benefit from the personalized attention and customized financial solutions that our experienced wealth managers can provide.”
The potential for continued growth is strong: A recent study by market research firm Wealth-X found that the greater Boston area ranks in the top 15 worldwide in terms of individuals with $30 million or more in personal assets, a number that grew 8.9 percent year over year.1
In order to make the most of this opportunity, Cambridge Trust is undertaking an aggressive growth strategy. “We are putting in place technology improvements to make our services highly scalable through a more open architecture approach,” said Jennifer Pline, Executive Vice President and Head of Wealth Management at Cambridge Trust. “We hired a new Chief Investment Officer in 2017, and we are expanding our investment offering and developing a broader array of services including best-of-breed investments and assets that can diversify investor portfolios. We are taking an integrated approach to our clients’ financial lives, helping to meet their wealth creation, accumulation and distribution needs throughout their lifetimes.”
About Cambridge Bancorp
Cambridge Bancorp, the parent company of Cambridge Trust Company, is based in Cambridge, Massachusetts. Cambridge Trust Company is a 128-year-old Massachusetts chartered commercial bank with $1.9 billion in assets and 10 Massachusetts locations in Cambridge, Boston, Belmont, Concord, Lexington, and Weston. Cambridge Trust Company is one of New England’s leaders in private banking and wealth management with $3.1 billion in client assets under management and administration. The Wealth Management group maintains offices in Boston, Massachusetts and Concord, Manchester and Portsmouth, New Hampshire.
1 Source: Wealth-X “World Ultra Wealth Report 2017,” at page 24