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Sarasota Private Trust Company
Sarasota Private Trust Company was formed in 2018 by a group of local entrepreneurs and philanthropists, who later brought in the Milstein family as majority...
Sarasota Private Trust Company
Sarasota Private Trust Company was formed in 2018 by a group of local entrepreneurs and philanthropists, who later brought in the Milstein family as majority owners. The Milsteins own Emigrant Bank, the country's largest privately held family bank, founded in 1850. That lineage gives SPTC a multi-generational perspective and access to a business network that spans real estate, private credit, and operating companies. SPTC deploys client capital across wealth management, direct co-investing, and trust services. The firm structures co-investment opportunities alongside the Milstein family and other founding partners, covering private credit, real estate, and special situations. The compensation model aligns with outcomes: SPTC earns only when clients earn on the co-investment side. The firm provides fully customizable, tax-managed portfolios and acts as a fiduciary on all wealth-management engagements, which separates it from commission-based broker-dealers. The firm administers over $35 billion in assets including affiliates, with its advisory committee combining veteran wealth executives and the families who co-founded the company. SPTC operates from a single office in Sarasota, Florida, and targets high-net-worth individuals, foundations, trusts, and non-profit organizations. The Milstein family's operating businesses and Emigrant Bank's 170-year history supply deal origination that a standalone family office could not replicate. SPTC is structurally a hybrid: a bank-backed multi-family office with an internal co-investment syndicate. Clients gain exposure to deals aligned with a 51% owner whose family has navigated multiple economic cycles. Governance sits with an investment committee that includes both external professionals and family shareholders, embedding succession and continuity into the firm's legal architecture.
General information
Firm type
Multi Family Office
Year founded
2018
AUM
Over $35bn in assets under administration (per firm website)
Location
Region
North America
Country
United States
City
Sarasota
Corporate office
Sarasota, FL, United States
Principals
Howard Milstein
Chairman/Principal Owner (via Milstein Family)
Sector focus
Frequently asked questions
Who runs investment decisions at Sarasota Private Trust Company?
An investment committee and portfolio managers oversee decisions. Howard Milstein and the Milstein family hold roughly 51% ownership, while an advisory committee of co-founder families and seasoned wealth executives shapes strategy. The firm is structured so that family shareholders and external professionals jointly govern investment policy.
How does SPTC source its co-investment deals?
Deal flow originates through the Milstein family's extensive business network and Emigrant Bank's relationships, accumulated over decades. The firm states that its co-founding families and advisory committee also contribute opportunities. This inside network, rather than a broad market auction process, is its primary sourcing channel.
Is SPTC a single family office or a multi-family office?
It functions as a multi-family office and fiduciary wealth manager. While the Milstein family owns a majority stake, the firm was co-founded by multiple Sarasota families and serves external high-net-worth families, trusts, and foundations. It is not a dedicated single-family office for the Milsteins.
Does SPTC participate in fund commitments or only direct deals?
The firm emphasizes direct co-investing opportunities alongside the Milstein family and other partners, rather than acting primarily as a fund-of-funds allocator. Its wealth-management arm constructs customized portfolios that may include external managers, but the co-investment program is structured for direct participation.
How is SPTC related to Emigrant Bank and the Milstein family?
Howard Milstein and the Milstein family own approximately 51% of SPTC. The Milsteins also wholly own Emigrant Bank, founded in 1850, which is the largest privately held family bank in the United States. SPTC operates independently but draws on the bank's resources and the family's internal deal pipeline.
What is SPTC's compensation model for co-investments?
The firm states that it only earns fees on co-investments when clients make money. This profit-participation structure is designed to reduce conflicts by aligning the firm's compensation with client outcomes, in contrast to the commission-based compensation typical of broker-dealers.
Does SPTC maintain a fiduciary duty to its clients?
Yes. SPTC operates as a fiduciary on all wealth-management engagements, meaning it is legally required to put client interests first. The firm contrasts this with broker-dealers who may only be held to a suitability standard and can earn commissions on products sold.
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