GTCR Acquires 139-Year-Old Fiduciary Trust Company
GTCR, the Chicago-based private equity firm with a long track record of backing leading financial services companies, has agreed to acquire Fiduciary Company Incorporated and its operating subsidiaries, collectively known as Fiduciary Trust Company. The deal marks the first institutional capital in the 139-year history of the Boston-based private wealth manager, which oversees approximately $34 billion in assets for ultra-high-net-worth families, individuals, and institutions across New England.
Founded in 1885 as a family office, Fiduciary Trust Company has grown into a full-service wealth management and trust firm known for its personalized planning, investment management, and multi-generational advisory capabilities. With GTCR’s backing, the firm plans to expand its investment offerings, broaden its suite of services, invest in technology, and add new talent to support ongoing client growth and evolving needs.
“The Fiduciary team has built an exceptional business committed to delivering differentiated wealth planning and comprehensive investment advice,” said Michael Hollander, Managing Director at GTCR. “We look forward to supporting the firm’s next phase of growth.”
Austin Shapard, CEO of Fiduciary Trust Company, said the partnership will strengthen the firm’s competitive position: “The investment will enable us to further enhance our client value proposition, create new opportunities for our talented employees, and accelerate growth in the next chapter of Fiduciary’s long history.”
The transaction aligns with GTCR’s long-standing investment strategy in asset and wealth management and complements its portfolio of financial services companies, including Allspring, AssetMark, CAPTRUST, FMG Suite, Foundation Source, R&T, Ultimus Fund Solutions and Winged Keel.
The deal is expected to close in the first quarter of 2026, subject to customary approvals. Kirkland & Ellis LLP advised GTCR on the transaction. Centerview Partners LLC served as financial advisor, and Debevoise & Plimpton LLP served as legal counsel to Fiduciary Trust Company. Financial terms were not disclosed.