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.
Mercer, Focus Partners Wealth, Mariner, Creative Planning and Captrust top the leaderboard tracking AI search results for RIA firms.
"We believe this model will help younger investors – and any investors who value a hybrid advice experience,” said Ryan Robson, principal at Edward Jones.
Conte Wealth Advisors reportedly has $1.4 billion in client assets and 20 advisors.
The Cleveland-based RIA's latest tie-up extends the firm's national footprint into the Golden State, where opinions continue to be split over a contentious billionaire wealth tax proposal.
Meanwhile, Cetera has welcomed a family-run practice from Commonwealth, and a Merrill advisor joins an existing UBS team in Connecticut.
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