Trust firm assets rise 25% to $700M

VENICE — Caldwell Trust Co. grew its assets under management 25% last year, from $560 million in 2012 to $700 million, part of a strong overall year at the firm.

A large chunk of the growth comes in areas outside trust services, the Venice-based firm's main focus when it was founded 20 years ago, according to a release.

“Our trust business remains healthy and vibrant, but much of the latest growth has come from investment management services, which now represent 80% — some $560 million—of our business,” Caldwell Trust President and CEO Kelly Caldwell says in the release. “What's more, many of our investment management clients are also calling on us for trust services.”

The firm also grew in several other ways last year. It broke ground on a new headquarters building in Venice, a $3 million project that should be completed by November. The firm will maintain a second office in Sarasota after it moves into its new building. Caldwell Trust also hired a trust officer last year, Susan Hines, and it added a board member, Mack Reid.