(Bloomberg) -- Franklin Resources Inc. said it will purchase Athena Capital Advisors, a wealth advisory firm with $6 billion in assets.
Lincoln, Massachusetts-based Athena will join Franklin's wealth subsidiary, Fiduciary Trust Company International, and bring its total assets to $25 billion, according to a statement Tuesday.
Franklin has been seeking new acquisitions as its asset management business continues to suffer outflows as investors move more money to lower fee passively managed funds.
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Wealth advisers have become an attractive acquisition target because of their steady fees and growing demand for advice.
“Athena Capital brings enhanced investment research, manager selection, and due diligence that will complement and strengthen our existing strategic advisory services,” John Dowd, chief executive of Fiduciary Trust said in the statement.
Terms of the deal weren't disclosed.
To contact the reporter on this story: John Gittelsohn in Los Angeles at johngitt@bloomberg.net
To contact the editor responsible for this story: Sam Mamudi at smamudi@bloomberg.net
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