GTCR has reached a definitive agreement to acquire Fiduciary Company Incorporated and its operating subsidiaries, collectively known as Fiduciary Trust Company, in a transaction that will introduce the first institutional capital into the 140-year-old wealth management firm. The Chicago-based private equity firm is partnering with CEO Austin Shapard and the company’s management team to accelerate growth, broaden service offerings, and further strengthen Fiduciary’s longstanding client relationships.
Founded in 1885, Fiduciary has evolved from a family office into a prominent wealth manager and trust company serving ultra-high-net-worth individuals, families, and institutions. The Boston-based firm oversees approximately $34 billion in total assets as of September 30, 2025. Its offerings include comprehensive wealth planning, investment management, and trust services, with a focus on clients across New England. The company also provides national custody and trustee services to financial advisors and family offices, supported by access to New Hampshire’s trust laws. Fiduciary’s ability to deliver white glove service and specialized capabilities has resulted in an average annual client retention rate of 98 percent.
Under GTCR’s ownership, Fiduciary will pursue initiatives to enhance its investment platform, expand its suite of services, and further integrate technology into its operations. Additional hiring and platform development are expected as part of an effort to scale the business while maintaining the company’s client-centric approach. GTCR plans to leverage its extensive history in investing in wealth and asset management, including stakes in Allspring, AssetMark, CAPTRUST, FMG Suite, Foundation Source, R&T, Ultimus Fund Solutions, and Winged Keel.
The deal is expected to close in the first quarter of 2026.
Support: Kirkland & Ellis served as legal counsel to GTCR. Centerview Partners acted as financial advisor, and Debevoise & Plimpton served as legal counsel to Fiduciary. Financial terms were not disclosed.
KEY QUOTES
“The Fiduciary team has built an exceptional business that is committed to serving its clients with differentiated wealth planning capabilities and comprehensive investment advice.”
“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.”
Michael Hollander, Managing Director, GTCR
“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.”
Austin Shapard, CEO, Fiduciary Trust Company
“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.”
“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.”
Mike Lomio, Director, GTCR
