Fiduciary Trust to Acquire Pennsylvania Trust

February 5, 2020

On January 22, 2020, Fiduciary Trust Company International announced an agreement to acquire The Pennsylvania Trust Company.

Pursuant to the agreement, Fiduciary Trust Company International (“Fiduciary”) will acquire The Pennsylvania Trust Company (“Pennsylvania Trust”). The deal is expected to close in the third quarter of 2020, subject to customary closing conditions. Further terms of the deal were not disclosed.

Fiduciary, based in New York, is a global wealth management firm and wholly-owned subsidiary of Franklin Resources, Inc. [NYSE: BEN]. The firm serves individuals, families, endowments, and foundations and specializes in strategic wealth planning, investment management and trust and estate services, as well as tax and custody services. It had over $75 billion in assets under management and administration, as of September 30, 2019.

Pennsylvania Trust, based in Pennsylvania, is an independent and employee-owned wealth management firm providing investment, financial planning, tax, trust and estate, and philanthropic solutions to help individuals, families, nonprofits, and other organizations. It had over $4.7 billion in assets under management and administration as of January 2020.

To read the press release: please click here.


Categories

Investment Manager M&A, Transactions