Edward Jones Canada has announced plans to buy Fiduciary Trust Company of Canada from Franklin Templeton. No deal terms were announced.
As part of its strategy to centre its value proposition around financial planning, the acquisition will add trust and estate, and wealth management capabilities.
“The addition of the trust and estate business unit through this acquisition enhances our ability to support Canadians through every stage of life,” said David Gunn, head of the Canadian and U.S. business units at the firm, in a media release.
Gene Todd, chairman, president and CEO of Fiduciary Trust Company of Canada said the deal is designed to ensure “that Canadians with complex financial planning needs will continue to receive the highest standard of personalized guidance and comprehensive investment solutions.”
Of Edward Jones, he said, “We are confident they will seek to protect and grow our clients’ wealth for generations to come, building on the strong foundation we have established.”
In an interview last month, Scott Sullivan, principal, Canadian business segment leader, told Investment Executive that Edward Jones Canada is in acquisition mode. The goal is to “augment our capabilities,” he said, “that means we can do more for our clients. … We do not want to just scratch the surface. We
want to get deep.”
Edward Jones Canada has more than 870 advisors across the country.
Fiduciary Trust Company of Canada is a private wealth boutique that has served high-net-worth clients for more than 40 years.
The proposed deal will not affect Fiduciary Trust International, Franklin Templeton’s New York-based private wealth business.