PRESS RELEASES

Fiduciary Trust to Acquire U.S. Wealth Manager Athena Capital Advisors

01.07.2020

NEW YORK, NY—January 7, 2020—Fiduciary Trust Company International, a global wealth manager and wholly-owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], today announced that it has entered into an agreement to acquire Athena Capital Advisors, LLC in a merger transaction. Athena Capital, a nationally registered investment advisor (RIA), has approximately $6 billion in assets under management. The acquisition will expand Fiduciary Trust Company International’s offerings, further diversifying the firm’s investment solutions for meeting the evolving needs of high-net-worth and ultra-high-net-worth clients.

Established in 1993 by Lisette Cooper, PhD, Athena Capital Advisors is based in Lincoln, MA, with an additional office in New York, NY. The firm’s capabilities include building diversified portfolios through an endowment style of investing, as well as impact investing, outsourced chief investment officer (OCIO) services, and family office support services.

“Lisette has built an impressive team, and I look forward to working with them to help clients of both organizations reach their long-term goals,” said John M. Dowd, CEO of Fiduciary Trust Company International. “Athena Capital brings enhanced investment research, manager selection, and due diligence that will complement and strengthen our existing strategic advisory services. Athena Capital is a pioneer in the field of impact investing, working with clients to align their investment portfolios with their social and mission-based values. Athena’s suburban-Boston location deepens our reach in the New England area, increasing the breadth and depth of our offering and enhancing the value we can bring to clients of both firms.”

Dr. Cooper, Managing Partner and Chief Investment Officer of Athena Capital Advisors, added: “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.”

“We are confident that Athena Capital Advisors’ experience and customized approach to wealth management—combined with Fiduciary Trust Company International’s investment excellence, extensive trust and estate, tax, and digital expertise and resources—will help optimize the client experience for families and generations to come,” said Jenny Johnson, President and COO of Franklin Templeton.

The transaction is subject to customary closing conditions and is anticipated to close in Franklin Templeton’s second quarter of fiscal 2020. Following the acquisition, Fiduciary Trust Company International’s assets under management will be approximately $25 billion. Terms of the deal were not disclosed.

Goodwin Procter served as legal counsel to Fiduciary Trust Company International and Franklin Templeton. Raymond James | Silver Lane served as Athena Capital Advisors’ financial advisor on the transaction, and Holland & Knight served as its legal advisor.

About Athena Capital Advisors

Athena Capital Advisors is a privately-owned registered investment advisor founded in 1993 by Dr. Lisette Cooper. The firm has approximately $6 billion in assets under management, with offices in Lincoln, MA and New York, NY. Athena offers clients investment advice and management as their external chief investment officer, as well as wealth planning, impact investing, and investment administration and reporting services. Its clients include both tax-exempt institutions and taxable families. Athena uses a research-driven approach to strategic and tactical asset allocation to provide solutions that are customized to each client’s particular circumstances and objectives. For additional information on Athena Capital Advisors, please visit www.athenacapital.com.

About Fiduciary Trust Company International

Fiduciary Trust Company International, a global wealth management firm, has served individuals, families, endowments and foundations since 1931. With over $75 billion in assets under management and administration as of September 30, 2019, the firm specializes in strategic wealth planning, investment management and trust and estate services, as well as tax and custody services. The firm and its subsidiaries maintain offices in New York, NY, Coral Gables, FL, Boca Raton, FL, St. Petersburg, FL, Los Angeles, CA, San Mateo, CA, San Francisco, CA, Washington, DC, Wilmington, DE, and Arlington, VA. For more information, please visit fiduciarytrust.com, and for the latest updates, follow Fiduciary Trust on LinkedIn and Twitter: @FiduciaryTrust.

About Franklin Templeton

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization operating as Franklin Templeton. Franklin Templeton’s goal is to deliver better outcomes by providing global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. Through specialized teams, the Company has expertise across all asset classes, including equity, fixed income, alternatives and custom multi-asset solutions. The Company’s more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With employees in over 30 countries, the California-based company has more than 70 years of investment experience and over US$691 billion in assets under management as of November 30, 2019. For more information, please visit franklintempleton.com.

Forward-looking statements

The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. Any forward-looking statements herein are made only as of the date of this press release, and the company assumes no obligation to update any information or forward-looking statement contained herein, except as required to be disclosed by law.


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