Fiduciary Trust Company International, a global wealth manager and wholly-owned subsidiary of Franklin Resources Inc., is set to acquire The Pennsylvania Trust Company, a wealth management firm in the Philadelphia area. The acquisition is expected to strengthen Fiduciary Trust’s offerings for servicing multiple generations of high-net-worth and ultra-high-net-worth clients, as well as enable Fiduciary Trust to strengthen its presence further in the Philadelphia marketplace.
Based in Radnor with approximately $4 billion in assets under management, Pennsylvania Trust is an independent, employee-owned company founded in 1986 with the mission to serve as a trusted partner in helping clients preserve and grow their wealth across generations. The firm offers personalized investment management, trust, estate, financial and tax planning, and tax preparation services.
Fiduciary Trust will provide Pennsylvania Trust with access to investment solutions and specialized services typically available only to institutional-sized investors, as well as in-depth research on securities and companies from a global team of analysts. Pennsylvania Trust’s clients will also benefit from state-of-the-art trading systems, online and mobile account management applications, and financial planning and reporting tools built and supported by Fiduciary Trust’s parent company, Franklin Resources.
The transaction is subject to customary closing conditions and is anticipated to close in Franklin Resources’ 2020 fiscal third quarter. Following the acquisition, Fiduciary Trust’s assets under management will be approximately $29 billion, which includes the recently announced transaction with Athena Capital Advisors. Terms of the transaction were not disclosed.
Willkie Farr & Gallagher LLP served as legal counsel to Fiduciary Trust and Franklin Resources. Morgan, Lewis & Bockius LLP served as Pennsylvania Trust’s legal counsel on the transaction.
The agreement to acquire Pennsylvania Trust is the latest milestone in Fiduciary Trust’s ongoing growth. Earlier this month, the firm announced an agreement to acquire Athena Capital Advisors LLC in a merger transaction. The acquisition of Athena Capital, a national wealth manager with approximately $6 billion in assets under management, should enable Fiduciary Trust to further diversify its selection of investment solutions for meeting the needs of high-net-worth and ultra-high-net-worth individuals and families.
