Fiduciary Trust International, a global wealth manager and wholly-owned subsidiary of Franklin Templeton, has finalised its acquisition of The Pennsylvania Trust Company, a leading wealth management firm in the Philadelphia market with approximately USD4 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 personalised investment management, trust, estate, financial and tax planning, and tax preparation services. Last year, Pennsylvania Trust was ranked No1 in Trust Administration, and No2 among Wealth Management firms, by the Philadelphia area’s legal community in The Legal Intelligencer’s annual survey. In addition, the firm was honoured 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,” says 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 organisations and teams of experts will boost our collective ability to optimise clients’ overall financial wellbeing.”
Fiduciary Trust International announced its agreement to acquire Pennsylvania Trust on 22 January, 2020. Following the deal’s completion, Fiduciary Trust’s assets under management have increased to approximately USD29 billion. Terms of the transaction were not disclosed.
“Joining Fiduciary Trust International’s organisation 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,” says 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 2 March, 2020, Fiduciary Trust International finalised its acquisition of Athena Capital Advisors, LLC, a national registered investment advisor (RIA) with approximately USD6 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,” ays John M Dowd, chief executive officer of Fiduciary Trust International. “We feel privileged to be in the position to deliver a customised, 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.”
