Fifth Third Bancorp in Cincinnati has agreed to buy Franklin Street Partners, an investment adviser in Chapel Hill, N.C.
The $141 billion-asset Fifth Third said in a press release Wednesday that the deal also includes Franklin Street Trust. Fifth Third did not disclose the price it will pay.
The deal is expected to close by the end of this year.
Franklin Street, founded in 1990, provides complex wealth advisory services, separate account management, estate planning and settlement services. The firm also provides advisory services to professional athletes.
“This acquisition allows us to leverage the incredible talent at Franklin Street and their expertise working with high-net-worth and ultra-high net worth clientele,” Brian Lamb, Fifth Third’s head of wealth and asset management, said in the release.
“The opportunity supports our goal to strategically grow our wealth management business, build upon our existing presence in North Carolina and add capabilities such as the firm’s professional athlete advisory services,” Lamb added.
The wealth advisory practice will continue to operate under the Franklin Street brand and will retain its Chapel Hill office. Bob Newell, Franklin Street’s CEO, will still lead the firm.
Fifth Third was advised by Cambridge International Partners and Alston & Bird. Franklin Street was advised by Banks Street Partners and Ward & Smith.
