Franklin Templeton’s private client group to buy $4.7 billion wealth management shop

Fiduciary Trust Co. International, a subsidiary of global investment manager Franklin Templeton, said on Wednesday that it has agreed to buy The Pennsylvania Trust Co., an employee-owned wealth management firm in the Philadelphia area with $4.7 billion in client assets.

Terms of the transaction were not disclosed.

Following the acquisition’s close later this year, Fiduciary Trust’s assets under management will be approximately $29 billion, which includes the recently announced transaction with Athena Capital Advisors.

Related Topics: Mergers and Acquisitions, Registered Investment Advisers