Fiduciary Trust Company International said it has entered into an agreement to acquire The Pennsylvania Trust Company, a Radnor, Pa. wealth management firm with approximately $4 billion in assets under management, according to a news release.

The acquisition will strengthen Fiduciary Trust’s offerings for servicing multiple generations of high-net-worth and ultra-high-net-worth clients, as well as strengthen its presence further in the Philadelphia marketplace, the firm's release said.

The transaction is subject to customary closing conditions and is anticipated to close in Franklin Resources’ 2020 fiscal third quarter. Terms of the transaction were not disclosed.

This marks the second acquisition agreement this month for Fiduciary Trust. Two weeks ago it entered into an agreement to acquire Lincoln, Mass.-based Athena Capital Advisors, which has $6 billion in assets under management. The transaction also is anticipated to close in Franklin Resources’ 2020 fiscal third quarter.

Both acquisitions boost Fiduciary Trust’s assets under management to approximately $29 billion, the release noted, bringing the firm's combined assets under management and administration to more than $75 billion.

Based in Radnor, Pa., Pennsylvania Trust is an independent, employee-owned company founded in 1986 with help clients preserve and grow their wealth across generations. The firm offers investment management, trust, estate, financial and tax planning, and tax preparation services.

The release noted that Fiduciary Trust will provide Pennsylvania Trust with access to investment solutions and services typically available only to institutional-sized investors, as well as global research on securities and companies. It added that Pennsylvania Trust’s clients also will benefit from 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. 

Lawrence Sternkopf, president and CEO of Fiduciary Trust Company International, said Philadelphia and the Main Line are markets where Fiduciary Trust has worked with individuals and families for many years. “The 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,” he added in a prepared statement.  

Founded in 1931, Fiduciary Trust and its subsidiaries maintain offices in New York City, Florida, California, Washington, D.C., Delaware and Virginia.