Wealth manager Fiduciary Trust Company International, part of Franklin Templeton, has agreed to buy Athena Capital Advisors for an undisclosed sum.

Athena Capital was set up by Lisette Cooper in 1993. The RIA offers outsourced chief investment officer (OCIO) services and family office services, among others. It focuses on impact investing.

The business has operations in Massachusetts and New York.

The merger deal will add around $6bn in assets to Fiduciary Trust’s books, increasing its assets under management to $25bn.

The takeover is said to diversify the firm’s investment offering to enable it to better serve ultra-rich customers.

The deal is slated to wrap up in Franklin Templeton’s second quarter of fiscal 2020.

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Fiduciary Trust Company International CEO John Dowd said: “Athena Capital brings enhanced investment research, manager selection, and due diligence that will complement and strengthen our existing strategic advisory services.

“Athena Capital is a pioneer in the field of impact investing, working with clients to align their investment portfolios with their social and mission-based values.

“Athena’s suburban-Boston location deepens our reach in the New England area, increasing the breadth and depth of our offering and enhancing the value we can bring to clients of both firms.”

Fiduciary Trust Company International offers wealth planning, tax and custody services, investment management as well as trust and estate services. The firm has presence in New York, Florida, California, Washington, DC, Delaware, and Virginia.