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.
The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.
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