Mutual fund giant Franklin Resources Inc., mentioned frequently in recent months as a potential takeover target, turned buyer on Wednesday: The company said it agreed to acquire Fiduciary Trust Co. International of New York for $825 million in stock.
The deal is the latest in a wave of consolidation that has swept the fund industry this year.
San Mateo, Calif.-based Franklin, parent of the Franklin Templeton funds, said adding Fiduciary Trust will strengthen its ties to institutional investors and bring in more business from financial advisors and the rich. Franklin manages $230 billion in assets while Fiduciary Trust, founded in 1931, manages $50 billion.
