Franklin Acquires Fiduciary Trust International

October 25, 2000 ( - In yet another investment manager consolidation, Franklin Resources has agreed to acquire Fiduciary Trust Company International in an all-stock transaction valued at approximately $825 million, forming a combined entity with more than $280 billion in assets under management.

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.