Citigroup Institutional Trust Co., formerly E.F. Hutton Trust Co., has been divested from Citigroup Inc. and renamed First State Trust Co.

The trust company said Tuesday that it expects to continue servicing clients of Citigroup Inc.'s Smith Barney and other wealth management providers.

"Our philosophy for the future is to continue to provide similar accounting and administrative services, along with prompt delivery of customized solutions to help financial advisors and plan sponsors better navigate today's challenging financial markets," Marianne Quinn, First State's president and chief operating officer, said in a press release.

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