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Fiduciary Trust to Acquire Athena Capital Advisors to Expand Presence into New England
Monday 13 January 2020

13 January 2020 - US-based wealth planning, investment management and trust and estate services firm Franklin Templeton's Fiduciary Trust Company International wealth management subsidiary has agreed to acquire Massachusetts-based USD 6bn wealth manager Athena Capital Advisors, LLC in a merger transaction to deepen reach into New England, the company said.
Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and is anticipated to close in Franklin Templeton's second quarter of fiscal 2020.
Following the acquisition, Fiduciary Trust Company International's assets under management will be approximately USD 25bn.
The acquisition will expand Fiduciary Trust company International's offerings, further diversifying the firm's investment solutions for meeting the evolving needs of high-net-worth and ultra-high-net-worth clients.
Athena Capital Advisors is a privately-owned registered investment advisor that offers clients investment advice and management as their external chief investment officer, as well as wealth planning, impact investing, and investment administration and reporting services. Its clients include both tax-exempt institutions and taxable families.
Fiduciary Trust Company International is a wholly owned subsidiary of Franklin Resources, Inc. [NYSE: BEN] that specialises in strategic wealth planning, investment management and trust and estate services, as well as tax and custody services.
Franklin Resources, Inc. is a global investment management organisation operating as Franklin Templeton.
Goodwin Procter served as legal counsel to Fiduciary Trust company International and Franklin Templeton. Raymond James | Silver Lane served as Athena Capital Advisors' financial advisor on the transaction, and Holland and Knight served as its legal advisor.
Date Published: 13/01/2020
Target: Athena Capital Advisors
Country: USA
Sector: Banking/Financial Services
Type: Corporate acquisition
Status: Agreed
Buyer: Fiduciary Trust Company International
Buyer Advisor: Goodwin Procter
Terms of the deal were not disclosed