Fiduciary Trust Co. International, a New York-based global wealth manager, recently entered into an agreement to acquire Radnor-based The Pennsylvania Trust Co., a wealth management firm for an undisclosed amount.
The purchase gives the company a stronger presence in the Philadelphia area.
“Pennsylvania Trust shares the same core values as we do — always putting the client first, providing the best possible client outcomes through a holistic approach to wealth management, and delivering peace of mind,” John M. Dowd, Fiduciary Trust Company International CEO, said. “As the needs of our clients continue to evolve, we consistently seek new opportunities to enhance the suite of customized wealth and investment solutions we can provide—and bring our services and support to clients in highly desirable markets across the country.”
Pennsylvania Trust has approximately $4 billion in assets under management. It offers clients financial and tax planning, tax preparation, investment management, trust, and estate services.
The deal is expected to close during the fiscal third quarter and is subject to customary closing conditions.
After the deal closes, Fiduciary Trust will have approximately $29 billion in assets under management.
Fiduciary Trust also recently acquired Athena Capital Advisors, a national wealth manager with approximately $6 billion in assets under management.