Fiduciary Trust Company International is planning to add a $4 billion RIA in the Philadelphia area on the heels of another multibillion-dollar acquisition in Massachusetts.
A subsidiary of Franklin Resources, global wealth manager Fiduciary Trust has entered into an agreement to acquire Radnor, Pa.-based The Pennsylvania Trust Co., according to a press release. Founded in 1986, Pennsylvania Trust is an employee-owned practice offering investment management, trust, estate, financial and tax planning, and tax preparation services, Fiduciary Trust says.
“Fiduciary Trust Company International’s global infrastructure will enable us to enhance our existing trust, estate and investment capabilities, while also bolstering our client solutions, market insights and digital resources to improve the experience and outcomes for our clients,” George McFarland Jr., president and CEO of Pennsylvania Trust, says in the press release.
The deal, the financial terms of which the companies didn’t disclose, is scheduled to close in Franklin Resources’ 2020 fiscal third quarter, which ends June 30, the company says.
Fiduciary Trust has been growing client assets through acquisitions.
Earlier this month, the company announced it was acquiring Lincoln, Mass.-based Athena Capital Advisors, which manages $6 billion. The addition of Pennsylvania Trust, meanwhile, will bring Fiduciary Trust’s assets under management to approximately $29 billion, the company says.
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