Anthony P. Marshall, a 12-year veteran of U.S. Trust Corp. who managed the embattled Doris Duke estate, has jumped to Bankers Trust New York Corp.
As a managing director at Bankers Trust, Mr. Marshall will head a private banking unit responsible for family wealth planning, estate planning, and strategic tax advisory, the $230 billion-asset banking company announced Thursday.
He headed estate planning at New York-based U.S. Trust until April, when he was succeeded by Nancy S. Gabel. At that time, he took on unspecified duties in the bank's Princeton, N.J., office.
At Bankers Trust, Mr. Marshall reports to Paul Higgins, a senior managing director and head of the trust and investment advisory group.
"We are pleased to add Tony's experience and expertise to this very important area," Mr. Higgins said in a prepared statement.
Mr. Marshall was known in trust circles as the banker who snared the hotly contested $1.5 billion estate of Ms. Duke for U.S. Trust, which manages more than $53 billion in client assets. The tobacco heiress died in October 1993, and U.S. Trust soon after became her estate's co-executor.
Having captured the prestigious Duke account, U.S. Trust found itself at the center of a court battle-cum-soap opera that featured such unlikely characters as a pony-tailed butler, a disinherited adopted daughter, and a menagerie of neglected pets. The bank also had to fend off criticism from Surrogate Judge Eve M. Preminger and a trio of banks that were vying for control of the estate.
After a long battle, U.S. Trust last spring won sole control of the estate. It expects to begin the final stages of probate and settlement this summer.
