Fifth Third Bancorp has announced a significant move to bolster its wealth management division through the acquisition of Franklin Street Partners, a well-regarded investment advisory firm based in Chapel Hill, North Carolina. This strategic acquisition, detailed in reports from the Triangle Business Journal, is poised to enhance Fifth Third’s capabilities in serving high-net-worth and ultra-high-net-worth clients. While the specific financial terms of the deal remain undisclosed, the acquisition is anticipated to be finalized by the end of the current year, marking a notable expansion for Fifth Third in the competitive wealth management landscape.
Franklin Street Partners joins Fifth Third Bancorp: A merger illustrated by puzzle pieces fitting together in a cityscape, representing the acquisition of the Chapel Hill-based investment advisor.
Strategic Growth and Expertise at Franklin Street
Brian Lamb, the head of wealth and asset management at Fifth Third Bancorp, emphasized the strategic rationale behind the acquisition. He stated that acquiring Franklin Street Partners would “allow us to leverage the incredible talent at Franklin Street and their expertise working with high net worth and ultra-high net worth clientele.” This acquisition directly supports Fifth Third’s objective to strategically expand its wealth management business and build upon its existing presence in North Carolina. Furthermore, Franklin Street Partners brings specialized capabilities, including their professional athlete advisory services, which are highly valued in the wealth management sector.
The acquisition of Franklin Street Partners is not just about expansion; it’s about adding depth and specialized services to Fifth Third’s portfolio. By integrating Franklin Street Partners, Fifth Third is poised to offer a more comprehensive suite of services to a discerning clientele, particularly those with complex financial needs.
Continuity and Brand Strength of Franklin Street Partners
Reassuring clients and employees alike, it has been confirmed that Franklin Street Partners will retain its established brand name and continue operations from its current Chapel Hill office. This commitment to continuity extends to leadership as well, with CEO Bob Newell remaining at the helm of Franklin Street Partners. This approach underscores Fifth Third’s respect for the established reputation and operational excellence of Franklin Street Partners.
The Legacy and Reach of Franklin Street Partners
Franklin Street Partners boasts a rich history in Chapel Hill, dating back to its founding in 1990 by financier Bob Eubanks. Starting with $25 million under management and a focus on growth-style equity strategies, the firm has evolved into a respected name in asset management. Over the years, Franklin Street Partners has broadened its expertise to serve both institutional investors and high-net-worth individuals.
Today, Franklin Street Partners is a substantial entity with over 42 employees and manages over $2 billion in assets. Their client base is diverse, with approximately 40 percent being institutional clients, including foundations and endowments, and 60 percent high-net-worth individuals and family offices. Franklin Street Partners proudly serves over 300 client relationships, demonstrating their strong market presence and client trust.
The acquisition of Franklin Street Partners by Fifth Third Bancorp represents a strategic alignment of strengths, promising enhanced services and expanded reach in the wealth management arena. With legal counsel from Ward and Smith and financial advice from Banks Street Partners LLC, Franklin Street Partners is well-positioned to embark on this new chapter under the Fifth Third umbrella. For further details on this acquisition, interested readers can refer to the original report in the Triangle Business Journal (subscription may be required).
