Pennsylvania Trust

A New Partnership

A New Partnership

Fiduciary Trust Company International, a global wealth manager and a wholly-owned subsidiary of Franklin Resources, Inc. [NYSE: BEN], today announced that it has entered into an agreement to acquire The Pennsylvania Trust Company, a leading wealth management firm in the Philadelphia area. 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.

“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,” said John M. Dowd, chief executive officer of Fiduciary Trust Company International. “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.”

Based in Radnor, PA with approximately $4 billion in assets under management, Pennsylvania Trust is an independent, employee-owned company founded in 1986 with the mission to serve as a trusted partner in helping clients preserve and grow their wealth across generations. The firm offers personalized investment management, trust, estate, financial and tax planning, and tax preparation services. In 2019, members of the Philadelphia area’s legal community-ranked Pennsylvania Trust No. 1 in Trust Administration, and No. 2 among Wealth Management firms, in The Legal Intelligencer’s annual survey. Pennsylvania Trust was also named by The Philadelphia Inquirer to the newspaper’s annual Top Workplaces listing last year.

“Philadelphia and the Main Line comprise a flourishing market where we have had the privilege of working with individuals and families for many years,” said Lawrence A. Sternkopf, president and chief operating officer of Fiduciary Trust Company International. “Our acquisition of Pennsylvania Trust places us in an even stronger position to help affluent clients in this region effectively manage, grow, and protect their wealth.”

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.

“Fiduciary Trust Company International’s global infrastructure will enable us to enhance our existing trust, estate, and investment capabilities, while also bolstering our client solutions, market insights, and digital resources to improve the experience and outcomes for our clients,” said George C. McFarland Jr., president, and chief executive officer of Pennsylvania Trust. “We look forward to working alongside our new colleagues to create solutions that help clients simplify the complexities of multi-generational financial management and sustain their wealth across generations.”

The transaction is subject to customary closing conditions and is anticipated to close in Franklin Resources’ 2020 fiscal third quarter. Following the acquisition, Fiduciary Trust’s assets under management will be approximately $29 billion, which includes the recently announced transaction with Athena Capital Advisors. Terms of the transaction were not disclosed.

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.

The agreement to acquire Pennsylvania Trust is the latest milestone in Fiduciary Trust’s ongoing growth. Earlier this month, the firm announced an agreement to acquire Athena Capital Advisors, LLC in a merger transaction. The acquisition of Athena Capital, a national wealth manager with approximately $6 billion in assets under management, will enable Fiduciary Trust to further diversify its selection of investment solutions for meeting the needs of high-net-worth and ultra-high-net-worth individuals and families.

About Pennsylvania Trust
Pennsylvania Trust is an award-winning, independent and employee-owned wealth management firm in the Philadelphia region with over $4.7 billion in assets under management and administration. For over 30 years, the firm has focused on providing compassionate and caring client service. Recognized for its outstanding service as a fiduciary, Pennsylvania Trust provides investment, financial planning, tax, trust, estate, and philanthropic solutions to help individuals, families, nonprofits and other organizations preserve and grow their wealth. For more information, please visit https://www.penntrust.com/.

About Fiduciary Trust Company International
Fiduciary Trust Company International, a global wealth management firm, has served individuals, families, endowments, and foundations since 1931. With over $75 billion in assets under management and administration as of September 30, 2019, the firm specializes in strategic wealth planning, investment management, and trust and estate services, as well as tax and custody services. The firm and its subsidiaries maintain offices in New York, NY, Coral Gables, FL, Boca Raton, FL, St. Petersburg, FL, Los Angeles, CA, San Mateo, CA, San Francisco, CA, Washington, DC, Wilmington, DE, and Arlington, VA. For more information, please visit fiduciarytrust.com, and for the latest updates, follow Fiduciary Trust on LinkedIn and Twitter: @FiduciaryTrust.

About Franklin Resources
Franklin Resources, Inc. [NYSE: BEN] is a global investment management organization operating as Franklin Templeton. Franklin Templeton’s goal is to deliver better outcomes by providing global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. Through specialized teams, the Company has expertise across all asset classes, including equity, fixed income, alternatives and custom multi-asset solutions. The Company’s more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With employees in over 30 countries, the California-based company has more than 70 years of investment experience and over US$698 billion in assets under management as of December 31, 2019. For more information, please visit franklintempleton.com.

Forward-looking statements
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. Any forward-looking statements herein are made only as of the date of this press release, and the company assumes no obligation to update any information or forward-looking statement contained herein, except as required to be disclosed by law.