The Chicago-based private equity firm GTCR has inked a definitive agreement to acquire Fiduciary Trust Company, a Boston-based wealth manager and trust company with $34 billion in client assets under advisement and management. The firm expects the deal to close in the first quarter of 2026.
The deal marks Fiduciary Trust’s first institutional capital investment, dating back to its roots as a family office established in 1885. GTCR leadership will now work with Fiduciary Trust CEO Austin Shapard and his management team on client service offerings and growth strategies. The firm focuses on ultra-high-net-worth individuals, families and institutions, offering trustee and custody services.
In a 2024 annual letter to clients, Shapard forecast the need for financial advice firms to have scale and resources to compete in a tight talent pool, even as client demand is growing.
“The scarcity of talent will likely benefit larger firms, which can invest in operational and service improvements that enhance both the client and professional experiences,” he wrote. “Larger firms already have an advantage in growing their own talent and developing the next generation of professionals.”
GTCR has been an active stakeholder in the wealth space, across RIAs and asset managers. Its investments include an agreement earlier this year to acquire FMG Suite, a marketing technology company for financial advisors, from Aurora Capital Partners. In 2024, it acquired AssetMark, taking the turnkey asset management firm private, and in 2020, it took a 25% stake in RIA Captrust.
GTCR Managing Director Michael Hollander oversaw the deal for Fiduciary Trust. Mike Lomio, a director at GTCR, emphasized the firm’s mix of wealth, custody and trust as a differentiator.
Under the new ownership, Fiduciary Trust will add to its investment platform offerings, expand client services and invest in its technology for its platform, according to the announcement.
Financial terms of the deal were not disclosed. Kirkland & Ellis LLP provided legal counsel to GTCR, while Centerview Partners LLC and Debevoise & Plimpton LLP served as financial advisor and legal counsel to Fiduciary Trust, respectively.