Fiduciary Trust Company International on Tuesday said it has entered into an agreement to acquire Lincoln, Mass.-based Athena Capital Advisors, which has $6 billion in assets under management, in a merger transaction, according to a news release.
The acquisition will expand Fiduciary Trust’s offerings, further diversifying the firm’s investment solutions for meeting the evolving needs of high-net-worth and ultra-high-net-worth clients, the release said.
Fiduciary Trust is a subsidiary of Franklin Resources, which operates as Franklin Templeton. The transaction, of which term details weren't disclosed, is expected to close in Franklin Templeton’s second quarter of fiscal 2020.
Founded in 1993 by Lisette Cooper, Athena Capital Advisors offers clients investment advice and management as their external chief investment officer. Its focus areas include wealth planning, impact investing, and investment administration and reporting services. In addition to its office near Boston, Athena has other locations in New York City and San Francisco.
John M. Dowd, CEO of Fiduciary Trust, said Athena Capital is a pioneer in the field of impact investing, working with clients to align their investment portfolios with their social and mission-based values. “Athena Capital brings enhanced investment research, manager selection, and due diligence that will complement and strengthen our existing strategic advisory services,” he said in a statement.
Founded in 1931, Fiduciary Trust is a global wealth management firm with more than $75 billion in assets under management and administration as of Sept. 30. The firm and its subsidiaries maintain offices in New York City, Florida, California, Washington, D.C., Delaware and Virginia.