Whittier Trust Company
TypePrivate
IndustryFinancial services
Founded1989 (1989)
(Whittier Trust Company)
1994 (1994)
(Whittier Trust Company of Nevada, Inc.)
Headquarters
Pasadena, California and Reno, Nevada
,
U.S.
Key people
Michael J. Casey (Executive chairman)
David A. Dahl (CEO)
ServicesInvestments
Trust services
Philanthropy
Total assetsUS $20 billion
Websitewww.whittiertrust.com

Whittier Trust Company is an American independent wealth management and investment firm. A multi-family office, it stems from the family office founded by the children of Max Whittier.[1] Whittier co-founded and developed Beverly Hills in the early 1900s, and co-founded Belridge Oil in 1911.[2][3]

History

The Whittier family office was one of the first family offices in the United States. It was established in 1935 by Leland, Don, Helen, and Paul Whittier to manage their assets and later their philanthropic efforts. A significant percentage of the Whittier family's fortune was on paper until 1979,[4][5] when Belridge Oil was sold to Shell Oil for $3.6 billion. It was the largest corporate acquisition in history at the time.[6]

In 1989, Whittier Trust Company was created as a California state-chartered trust company, and began to offer investment, wealth management, fiduciary, family office, and philanthropic services to other families. In 1994, an affiliate company, The Whittier Trust Company of Nevada, Inc. was formed in Reno, Nevada to take advantage of the state's favorable tax and trust laws. As of 2023, Whittier Trust managed assets of more than $20 bn. for more than 140 foundations, donor advised funds, endowments, and 161 charitable entities, and 578 ultra high-net-worth families.[7][8][1]

Whittier Trust is headquartered on the West Coast,[9] with offices in Pasadena, Newport Beach, West Los Angeles, San Francisco, and Menlo Park, California; Reno, Nevada; Seattle, Washington; and Portland Oregon.[10] In a nod to the Whittier family history,[11] it maintains a focus on philanthropy,[12][13] and remains actively involved in oil, gas, and real estate investments.[10]

In 2013, the Securities and Exchange Commission charged Whittier Trust and a fund manager employed by the firm with participating in an insider trading scheme where they benefited by placing trades using confidential, non-public information about technology companies.[14] Later that year, Whittier Trust agreed to pay $1.7 million in damages to settle the insider trader charges.[15]

On February 26, 2016, the charges against Whittier Trust were vacated, and the damages returned upon consent of Plaintiff Securities and Exchange Commission.[16]

References

  1. 1 2 Scholl, Jaye (December 18, 2000). "Pascal's Wager". Barron's. Retrieved February 2, 2018.
  2. ↑ "Whittier family". Forbes. Retrieved 2018-04-19.
  3. ↑ "Whittier Family Collection at the Online California Archive". www.oac.cdlib.org. Retrieved 2018-02-25.
  4. ↑ "HOW THEY MAKE THEIR RICHES GROW Preserving the fortune is no longer enough. Families are managing their money like a business to create still more wealth.- September 10, 1990". archive.fortune.com. Retrieved 2018-02-26.
  5. ↑ Lenzner, Robert. "Achieving immortality via the family office". Forbes. Retrieved 2018-02-26.
  6. ↑ Rich, Spencer (1979-09-30). "Shell to Purchase Calif. Oil Land For $3.65 Billion". Washington Post. ISSN 0190-8286. Retrieved 2018-02-26.
  7. ↑ "Whittier Trust Company: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2018-04-19.
  8. ↑ "Shared values, shrewd investments: The world's top 25 independent multi family offices | Campden FB". www.campdenfb.com. Retrieved 2018-04-19.
  9. ↑ "Whittier Trust Positions for Growth with New Pasadena Relocation". Whittier Trust. 2023-11-17. Retrieved 2023-11-29.
  10. 1 2 "Whittier Trust". www.whittiertrust.com. Retrieved 2018-02-27.
  11. ↑ "Philanthropist Paul Whittier Dies". Los Angeles Times. 1991-08-23. Retrieved 2018-04-19.
  12. ↑ "Whittier - Advisors in Philanthropy". www.advisorsinphilanthropy.org. Retrieved 2018-04-19.
  13. ↑ Dagher, Veronica (2011-06-20). "How to Raise a Philanthropist". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-02-25.
  14. ↑ "SEC.gov | SEC Charges Whittier Trust and Fund Manager in Insider Trading Investigation Into Expert Networks". www.sec.gov. Retrieved 2023-05-09.
  15. ↑ "SEC charges Whittier Trust, fund manager with insider trading". Reuters. 2013-06-07. Retrieved 2023-05-09.
  16. ↑ "Securities and Exchange Commission v. Dosti, 1:13-cv-03897 - CourtListener.com". CourtListener. Retrieved 2023-08-07.
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