Fifth Third Bancorp (Nasdaq: FITB) today announced it has closed on its indirect acquisition of Franklin Street Advisors, a registered investment advisory firm, and Franklin Street Trust Company, a non-depository trust company chartered by the State of North Carolina, from Franklin Street Partners.
“Franklin Street is a well-established firm with a strong reputation,” said Brian Lamb, executive vice president and head of Wealth & Asset Management for Fifth Third. “The team is known for its exceptional expertise, capabilities and client relationships, and we’re excited to have the team join Fifth Third. This is a significant step in expanding our wealth management business.”
Franklin Street was founded in 1990, and provides complex financial advisory services, separate account management, estate planning and settlement and other advisory services. The wealth advisory firm and trust company will continue to operate under the Franklin Street brand and will remain in its current Chapel Hill office. Bob Newell, president of Franklin Street, will continue to lead the firm.
“Fifth Third is a great fit for all of us at Franklin Street,” said Newell. “Our clients will receive the same outstanding client experience they’ve grown accustomed to from us, and will now have the added benefit of larger scale and more capabilities.”
Fifth Third was advised by Cambridge International Partners LLC and Alston & Bird LLP. Franklin Street Partners was advised by Banks Street Partners LLC and Ward & Smith, P.A.