Radnor-based Pennsylvania Trust, founded in 1986, will bring roughly $4 billion in managed assets to the deal, which is expected to close in the third quarter of 2020. It should boost Fiduciary Trust’s assets under advisement to around $29 billion, the group said, which includes its recent purchase of Athena Capital Advisors as reported by this newswire last week.

“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,” John Dowd, chief executive officer of Fiduciary Trust Company International, said of its latest buying decision, and it is further evidence that M&A activity in the US market is holding momentum into 2020. Recent coverage in FWR shows the level of activity shaping the US market. 

The acquirer said that the deal should bring the employee-owned Pennsylvania business access to services typically available only to institutional-sized investors, and deeper research on securities and companies as part of the consolidation.

“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 McFarland, president and chief executive of Pennsylvania Trust.

The deal is part of a trend of M&A transactions that have included big names in the US sector over past months. The past 12 months witnessed large M&A marriages, such as the Charles Schwab/TD Ameritrade hook-up. Besides the Schwab/TD Ameritrade deal, other prominent agreements were: Warburg Pincus and Kestra Financial; Reverence Capital Partners and Advisor Group; Goldman Sachs and United Capital; Principal Financial and Wells Fargo; Envestnet and TXN, and MoneyGuidePro.