Fiduciary Trust International Completes Acquisition of Pennsylvania Trust
01 May 2020 - 11:00PM
Business Wire
Fiduciary Trust International, a global wealth manager and
wholly-owned subsidiary of Franklin Templeton, has finalized its
acquisition of The Pennsylvania Trust Company, a leading wealth
management firm in the Philadelphia market with approximately $4
billion in assets under management. The purchase of Pennsylvania
Trust will strengthen Fiduciary Trust International’s suite of
services for empowering high-net-worth and ultra-high-net-worth
clients to protect and grow their wealth across generations—and
further expands the firm’s national footprint.
Founded in 1986, Radnor, PA-based Pennsylvania Trust is an
independent, employee-owned wealth management company with 60
advisors and staff serving approximately 1,200 client
relationships. The firm offers a robust suite of personalized
investment management, trust, estate, financial and tax planning,
and tax preparation services. Last year, Pennsylvania Trust was
ranked No. 1 in Trust Administration, and No. 2 among Wealth
Management firms, by the Philadelphia area’s legal community in The
Legal Intelligencer’s annual survey. In addition, the firm was
honored by The Philadelphia Inquirer with inclusion in the
newspaper’s annual listing of Top Workplaces in 2019.
“We have enjoyed working with clients in Philadelphia and the
Main Line for a long time, and we are eager to increase our
presence and service offering in this thriving region,” said
Lawrence A. Sternkopf, president and chief operating officer of
Fiduciary Trust International. “Pennsylvania Trust is a
well-respected provider of wealth management solutions in the
Philadelphia area, and the combination of our organizations and
teams of experts will boost our collective ability to optimize
clients’ overall financial wellbeing.”
Fiduciary Trust International announced its agreement to acquire
Pennsylvania Trust on January 22, 2020. Following the deal’s
completion, Fiduciary Trust’s assets under management have
increased to approximately $29 billion. Terms of the transaction
were not disclosed.
“Joining Fiduciary Trust International’s organization will give
our advisors access to company and market research from global
teams of analysts—along with cutting-edge financial planning and
reporting applications, online and mobile account management tools,
and trading systems built and supported by Franklin Templeton,”
said George C. McFarland Jr., president and chief executive officer
of Pennsylvania Trust, who will lead Fiduciary Trust
International’s efforts in the Pennsylvania region. “Now more than
ever, institutional-level research and technology are vital for
enabling our advisors to help clients successfully navigate market
volatility and uncertainty. We look forward to working with our new
Fiduciary Trust International colleagues to meet the important
needs of our clients and their families.”
On March 2, 2020, Fiduciary Trust International finalized its
acquisition of Athena Capital Advisors, LLC, a national registered
investment advisor (RIA) with approximately $6 billion in assets
under management. The purchase of Lincoln, MA-based Athena Capital
furthered Fiduciary Trust’s regional expansion, giving the firm a
strong presence in New England.
“The present crisis reminds us that the essence of wealth
management involves giving clients financial peace of mind,” said
John M. Dowd, chief executive officer of Fiduciary Trust
International. “We feel privileged to be in the position to deliver
a customized, intuitive wealth and investment management experience
to multiple generations of clients throughout the country during
such an extraordinarily challenging time. We will continue to
pursue growth opportunities which enable us to help more investors
preserve and increase their wealth regardless of market
conditions.”
About Fiduciary Trust International
Fiduciary Trust International, a global wealth management firm,
has served individuals, families, endowments and foundations since
1931. With over $71 billion in assets under management and
administration as of March 31, 2020, the firm specializes in
strategic wealth planning, investment management and trust and
estate services, as well as tax and custody services. The New York,
NY-based firm and its subsidiaries maintain offices in Coral
Gables, FL, Boca Raton, FL, St. Petersburg, FL, Radnor, PA,
Lincoln, MA, Los Angeles, CA, San Mateo, CA, San Francisco, CA,
Washington, DC, Wilmington, DE, and Arlington, VA. For more
information, please visit fiduciarytrust.com, and for the latest
updates, follow Fiduciary Trust International on LinkedIn and
Twitter: @FiduciaryTrust.
About Franklin Resources
Franklin Resources, Inc. [NYSE:BEN] is a global investment
management organization operating, together with its subsidiaries,
as Franklin Templeton. Franklin Templeton’s goal is to deliver
better outcomes by providing global and domestic investment
management to retail, institutional and sovereign wealth clients in
over 170 countries. Through specialized teams, the company has
expertise across all asset classes, including equity, fixed income,
alternatives and custom multi-asset solutions. The company’s more
than 600 investment professionals are supported by its integrated,
worldwide team of risk management professionals and global trading
desk network. With employees in over 30 countries, the
California-based company has more than 70 years of investment
experience and over US$580 billion in assets under management as of
March 31, 2020. For more information, please visit
franklintempleton.com.
Copyright © 2020. Fiduciary Trust International. All rights
reserved.
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Rebecca Radosevich: 212-632-3207
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