The transaction, expected to close in the first quarter, is subject to shareholder and regulatory approvals.
New York-based Fiduciary Trust was founded in 1931 and currently provides investment management and advisory services to nearly 500 institutional clients, as well as some 1,000 high-net worth individuals. It currently has some $50 billion in assets under management.
Privately-owned Fiduciary Trust Company, based in Massachusetts, is not part of the transaction.
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