Fiduciary Trust Co. International, a unit of Franklin Resources Inc., agreed to acquire registered investment adviser Athena Capital Advisors LLC in a merger transaction.
Financial terms of the deal were not disclosed. The deal, subject to customary closing conditions, is expected to close in Franklin Resources' second quarter of fiscal 2020.
Athena Capital has approximately $6 billion in assets under management. After the acquisition, Fiduciary Trust's assets under management will be approximately $25 billion.
Goodwin Procter served as legal counsel to Fiduciary Trust and Franklin Resources. Raymond James | Silver Lane served as Athena Capital Advisors' financial adviser, while Holland & Knight served as its legal adviser.