Willkie Farr & Gallagher LLP served as legal counsel to Fiduciary Trust and Franklin Resources. Morgan, Lewis & Bockius LLP served as Pennsylvania Trust’s legal counsel on the transaction.
Fiduciary Trust Company International, a global wealth manager and wholly-owned subsidiary of Franklin Resources, Inc. [NYSE: BEN], entered into an agreement to acquire The Pennsylvania Trust Company, a leading wealth management firm in the Philadelphia area. Terms of the transaction were not disclosed.
The acquisition will strengthen Fiduciary Trust’s already robust offerings for servicing multiple generations of high-net-worth and ultra-high-net-worth clients, as well as enable Fiduciary Trust to strengthen its presence further in the Philadelphia marketplace.
Fiduciary Trust will provide Pennsylvania Trust with access to investment solutions and specialized services typically available only to institutional-sized investors, as well as in-depth research on securities and companies from a global team of analysts. Pennsylvania Trust’s clients will also benefit from state-of-the-art trading systems, online and mobile account management applications, and financial planning and reporting tools built and supported by Fiduciary Trust’s parent company, Franklin Resources.
Pennsylvania Trust is a trust company incorporated in Pennsylvania with approximately $4 billion in assets under management that provides investment management, financial planning, tax, trust, estate, and philanthropic solutions to help individuals, families, nonprofits, and other organizations preserve and grow their wealth.
Fiduciary Trust is a global wealth manager and wholly owned subsidiary of Franklin Resources Inc., a global investment firm. Fiduciary Trust’s assets under management will be approximately $29 billion, which includes the recently announced transaction with Athena Capital Advisors.
Morgan Lewis team advising Pennsylvania Trust was led by Partner Benjamin Wills (Picture) and associates John Sheehan and Jose Robles, with assistance from partners Patrick Rehfield and Casey August and associate Benjamin Weiss.
Involved fees earner: Casey August – Morgan Lewis; Patrick Rehfield – Morgan Lewis; Jose Robles – Morgan Lewis; John Sheehan – Morgan Lewis; Benjamin Weiss – Morgan Lewis; Benjamin Wills – Morgan Lewis;
Law Firms: Morgan Lewis;
Clients: Pennsylvania Trust;