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January 23, 2020

Fiduciary Trust swoops on The Pennsylvania Trust Company

Fiduciary Trust Company International has expanded its footprint in Philadelphia with the purchase of The Pennsylvania Trust Company – a wealth manager managing nearly $4bn in assets.

Financial details regarding the transaction were not divulged.

Set up in 1986, Pennsylvania Trust provides a range of services including trust, estate, financial and tax planning, investment management, as well as tax preparation.

The firm is employee-owned and has its headquarters in Radnor, Pennsylvania.

Fiduciary Trust, which is owned by Franklin Templeton, intends to enhance its HNW and UHNW proposition through the takeover.

On the other hand, Pennsylvania Trust will gain access to specialised services that can be usually accessed only by institutional-sized investors.

The transaction will also offer the acquired entity access to Franklin Templeton’s account management apps, financial planning and reporting tools, as well as trading systems.

Pennsylvania Trust president and CEO George McFarland Jr. said: “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.”

Fiduciary Trust will have nearly $29bn in assets upon deal completion in the 2020 fiscal third quarter of Franklin Resources.

Fiduciary Trust president and COO Lawrence Sternkopf said: “Philadelphia and the Main Line comprise a flourishing market where we have had the privilege of working with individuals and families for many years.

“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.”

The latest deal marks the second purchase by Fiduciary Trust this month.

Two weeks ago, the firm announced the acquisition of Athena Capital Advisors that manages around $6bn in assets.

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