Allmerica Financial Corp., a leading insurance underwriter, has set its sights on the personal trust business.
The Worcester, Mass.-based company hired W. Humphrey Bogart, a Fidelity Investments executive, as president of the Allmerica Trust Co. Originally founded to service mutual funds, the trust company is being re-invented as a trustee for individuals' wealth.
"We plan to gather and manage assets, generally personal trust, to use in estate planning," an Allmerica spokesman said. "Humphrey's role will be to lead that effort."
Mr. Bogart was most recently president and chief executive officer of Fidelity Investments Southwest Co., Dallas, Texas, where he worked for 12 years. Prior to that, he was a senior vice president in the trust department of RepublicBank Dallas.
Previously, Allmerica Trust housed the transfer agency, custody, cash management, and fund accounting businesses of 440 Financial, a mutual fund administrator Allmerica sold to Shareholder Services last year. Prior to Mr. Bogart's arrival, the trust company's chairman, Larry C. Renfro, served as its president as well.