MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, October 26, 2000 October 26, 2000 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. Printed from: MFWire.com/story.asp?s=26193 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |