US-based private equity firm GTCR has agreed to acquire Fiduciary Trust Company (Fiduciary) for an undisclosed sum, to expand wealth management services.
GTCR will partner with Fiduciary’s CEO Austin Shapard, and management team to accelerate growth and expand service offerings for ultra-high-net-worth clients.
Founded in 1885 as a family office, Fiduciary is a US-based private wealth manager and trust company, managing around $34bn in total assets as of 30 September 2025.
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It provides comprehensive wealth management, trustee, and custody services to high-net-worth and ultra-high-net-worth individuals and families in New England.
Fiduciary also offers custody and trustee services to third-party financial advisors and family offices across the US.
Shapard said: “We are excited to be working with the GTCR team. Their extensive experience investing in strong businesses across the wealth and asset management ecosystem makes them an ideal capital partner.
“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.”
GTCR’s investment represents Fiduciary’s first institutional capital.
The wealth manager plans to enhance its client value proposition, broadening its service offerings and investing in technology and talent.
GTCR will support Fiduciary’s strategic initiatives with significant capital and sector expertise, building on its experience in wealth and asset management.
The private equity firm is currently investing in AssetMark, Allspring, CAPTRUST, Foundation Source, FMG Suite, R&T, Ultimus Fund Solutions, and Winged Keel.
Kirkland & Ellis served as legal counsel to GTCR, while Centerview Partners acted as financial advisor, and Debevoise & Plimpton as legal counsel to Fiduciary on this transaction.
The transaction is anticipated to conclude in the first quarter of 2026.
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