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Alternative Market Briefing

Franklin Resources's Fiduciary Trust Company buys $6bn RIA Athena Capital Advisors

Wednesday, January 08, 2020

Laxman Pai, Opalesque Asia:

Massachusetts-based $6 billion registered investment adviser (RIA) Athena Capital Advisors is merging into global wealth manager Fiduciary Trust, a wholly-owned subsidiary of Franklin Templeton.

The merger transaction will expand Fiduciary Trust's offerings, "further diversifying the firm's investment solutions for meeting the evolving needs of high-net-worth and ultra-high-net-worth clients," it said Tuesday.

Terms of the deal are not being disclosed.

The privately-owned Athena Capital provides impact investing and outsourced chief investment officer services for both tax-exempt institutions and family offices.

The firm was founded in 1993 by Lisette Cooper, the firm's managing partner, and chief investment officer. Any changes in titles or personnel have yet to be determined.

Dr. Cooper said: "Fiduciary Trust Company International is an ideal pairing for Athena Capital Advisors, and we're eager to integrate our expertise so we can provide our collective client base with a full suite of offerings to meet the changing long-term needs of individuals, foundations, and endowments."

Fiduciary Trust Co. International has $75 billion in AUM and is a wholly-owned subsidiary of Franklin Templeton, which has $691 billion in AUM.

John M. Dowd, CEO of Fiduciary Trust Company International said: "Athena Capital brings enhanced investment research, manager selection, and due diligence that will complement and strengthen our existing......................

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