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.
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