Franklin To Buy Fiduciary Trust
From Wall Street Journal
Franklin Resources is growing its presence in the high net worth market with its purchase of Fiduciary Trust Co. International. Franklin is picking roughly $50 billion in assets, including $16 billion in the pension market and $14 billion in the high net worth space, for a reported $910 million of stock. Although high on a p/e basis (about 35 time earnings) the deal is cheap when seen as a percentage of assets at just more than 1.8 percent. Fiduciary’s chief executive, Anne M. Tatlock, who stay at the helm of the firm. She reportedly became interested in shopping the firm when Schwab purchased US Trust to tap the high net worth space. Goldman Sachs advised on the deal.
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