NEW YORK - Bessemer Trust Co. has raised the minimum required to open an account to $10 million, from $5 million.
The doubling, which took effect in late November, is meant to ensure that Bessemer can maintain its focus on the upper end of the high-net-worth market, said Robert C. Elliott, a senior executive vice president.
"We wanted to make sure we can deliver the level of service we think that part of the market requires," Mr. Elliott said. "One way to control growth is a higher minimum."
Bessemer's specialties, such as alternative investments and estate planning, are better suited to the ultra-rich, he said. "Larger clients are more able to take advantage of what we have to offer," he added.
The average size of the existing accounts at Bessemer is $23 million, he said.