Fiduciary Trust International, part of Franklin Templeton, has concluded its takeover of The Pennsylvania Trust Company based in Radnor.
The deal adds around $4bn in assets to the acquirer’s books, increasing its total assets to around $29bn.
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Fiduciary Trust International said that the acquisition strengthens its offering for HNW and UHNW clients.
Pennsylvania Trust president and CEO George McFarland Jr. will now spearhead Fiduciary Trust International’s Pennsylvania region efforts.
He said: “Joining Fiduciary Trust International’s organisation will give our advisers 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.”
The acquisition, whose value was not revealed, was announced in January 2020.
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By GlobalDataAn independent, employee-owned wealth manager, Pennsylvania Trust offers investment management, trust, estate, financial and tax planning as well as tax preparation services.
The business was set up in 1986. Currently, it has 60 advisers and staff and a client base of around 1,200.
Fiduciary Trust International president and COO Lawrence Sternkopf said: “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.”
Fiduciary Trust International recently also acquired Athena Capital Advisors, a Massachusetts-based wealth manager with nearly $6bn in assets.
