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Fiduciary Trust Acquires $4 Billion Pennsylvania Trust

Fiduciary Trust International's acquisition of Pennsylvania Trust is the firm's second deal this month.

Fiduciary Trust Company International, the global wealth management unit of Franklin Resources, announced it has acquired The Pennsylvania Trust Company, based in Radnor, Pa., near Philadelphia.

The acquisition is Fiduciary Trust's second announced this month—it previously announced it acquired Athena Capital, a $6 billion RIA in Boston. The Athena acquisition was Fiduciary Trust’s first in 18 years and reflects CEO John Dowd’s plan to expand the company’s ultra-high-net-worth business and grow geographically.

Pennsylvania Trust, with about $4 billion in assets, is an independent, employee-owned company founded in 1986.

“Philadelphia and the Main Line comprise a flourishing market where we have had the privilege of working with individuals and families for many years,” said Lawrence A. Sternkopf, president and chief operating officer of Fiduciary Trust Company International, in a statement. “Our acquisition of Pennsylvania Trust places us in an even stronger position to help affluent clients in this region effectively manage, grow, and protect their wealth.”    

“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,” said George C. McFarland Jr., president and chief executive officer of Pennsylvania Trust.

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 deal 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.

Fiduciary Trust Company International had over $75 billion in assets under management and administration as of Sept. 30, 2019, with offices in New York; Coral Gables, Boca Raton and St. Petersburg, Fla.; Los Angeles, San Mateo and San Francisco, Calif.; Washington, DC; Wilmington, Del.; and Arlington, Va.

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