Firm partners with CEO Austin Shapard to enhance service offerings and build upon
independent wealth manager and trust company's 140-year history
CHICAGO, Nov. 19, 2025 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that it has signed a definitive agreement to acquire Fiduciary Company Incorporated and its operating subsidiaries, together known as Fiduciary Trust Company ("Fiduciary" or "the Company"). Fiduciary is a Boston-based private wealth manager and trust company serving ultra-high net worth individuals, families, and institutions. GTCR is partnering with CEO Austin Shapard and Fiduciary's talented management team to invest in the Company's growth and further enhance its strong client value proposition.
Founded in 1885 as a family office, Fiduciary has evolved into a leading provider of wealth management, trustee and custody services to clients with approximately $34 billion in total assets as of September 30, 2025. Fiduciary's comprehensive wealth management services are focused on New England high-net-worth and ultra-high-net worth individuals and families, and include white glove service and robust in-house wealth planning, investment management and trust capabilities. The Company also provides custody and trustee services nationwide to third-party financial advisors and family offices, including access to New Hampshire's advantageous trust laws. Fiduciary has a highly regarded brand and longstanding client relationships as a result of its high levels of service and differentiated capabilities, driving a 98% average annual client retention rate.
GTCR's investment represents the Company's first institutional capital, and under GTCR's ownership, Fiduciary will further enhance its client value proposition and build upon its long history of exceptional service. Fiduciary will pursue strategic initiatives including enhancing its investment platform offerings, expanding its breadth of services, further tech-enabling its platform and growing its employee base. GTCR will support the Company in these efforts with significant capital and expertise, drawing on its long history investing in wealth and asset management including current investments in Allspring, AssetMark, CAPTRUST, FMG Suite, Foundation Source, R&T, Ultimus Fund Solutions and Winged Keel.
"The Fiduciary team has built an exceptional business that is committed to serving its clients with differentiated wealth planning capabilities and comprehensive investment advice," said Michael Hollander, Managing Director at GTCR. "We share Austin's focus on providing best-in-class service and look forward to working with him and the team to build upon Fiduciary's strong foundations."
"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," said Austin Shapard, CEO of Fiduciary.
"Fiduciary's differentiated wealth, custody and trust capabilities coupled with its UHNW focus make it well positioned for secular industry trends. There is increasing demand from wealth clients for robust trust, tax and estate services and Fiduciary is well positioned to meet this market need," said Mike Lomio, Director at GTCR. "The Company has a tremendous opportunity to extend its services and build on its strengths, and we are thrilled to partner with Austin and team on that journey."
The transaction is expected to close in the first quarter of 2026. Kirkland & Ellis LLP provided legal counsel to GTCR. Centerview Partners LLC served as financial advisor and Debevoise & Plimpton LLP served as legal counsel to Fiduciary. Financial terms of the transaction were not disclosed.
About GTCR
Founded in 1980, GTCR is a leading private equity firm that invests behind The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $30 billion in approximately 300 companies, and the firm currently manages approximately $50 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.
About Fiduciary Trust Company
Fiduciary Company Incorporated ("Fiduciary") is the parent company of Fiduciary Trust Company (FTC), a Boston-based private wealth manager and Fiduciary Trust of New England (FTNE), a New Hampshire-chartered trust company. Through these subsidiaries, Fiduciary provides private wealth management to families, individuals and nonprofits seeking objective advice to help grow and protect their investments. The firm also provides a range of services to professional financial advisors and single-family offices. Fiduciary's capabilities include comprehensive wealth planning, customized investment management, trustee and estate services, a donor-advised fund program, and family office, tax and custody services.
Founded in 1885 as a family office, Fiduciary takes a personal approach based on expertise, strong performance and a genuine commitment to act in its clients' best interests. The firm's client focus has enabled it to achieve a 98% average annual client retention rate.
GTCR Media Contact
Josh Clarkson / Ryan Smith
[email protected]
Fiduciary Company Incorporated Media Contact
Paige Sullivan
[email protected]
(914) 374-4229
SOURCE GTCR
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