GTCR announced that it has completed its acquisition of Fiduciary Trust Company, a Boston-based private wealth manager and trust company serving ultra-high-net-worth individuals, families, and institutions. As part of the transaction, Doris Meister has been appointed Executive Chair, partnering with CEO Austin Shapard to drive the company’s long-term growth strategy.
The investment follows GTCR’s Leaders Strategy approach, which focuses on partnering with experienced executives to scale established businesses. Fiduciary Trust Company, founded in 1885, manages approximately $34 billion in assets and provides wealth management, trustee, custody, and family office services, with a strong presence in New England.
GTCR and the management team plan to expand the company’s service offerings, enhance its investment platform, increase technology enablement, and grow its workforce to meet evolving client needs. The firm’s long-standing reputation for client service and deep expertise in wealth planning and trust services positions it for continued expansion in a growing wealth management market.
Meister brings more than 35 years of experience in wealth and asset management, including her tenure as Chair and CEO of Wilmington Trust, where she led a major transformation and grew the business to approximately $90 billion in assets. She has also held senior roles at BNY Mellon Wealth Management, AllianceBernstein, and Merrill Lynch, and currently serves on multiple industry boards.
Fiduciary Trust Company provides a comprehensive suite of services, including customized investment management, estate and trust services, and custody solutions for financial advisors and family offices. The firm also benefits from access to New Hampshire’s trust laws through its subsidiary operations.
The acquisition reflects GTCR’s continued focus on the financial services sector and its strategy of building market-leading platforms through both organic growth and strategic initiatives.
KEY QUOTES:
“I have admired Fiduciary for over a decade, its client-first culture and depth of expertise in wealth planning and trust services truly set the firm apart. I’ve also long respected GTCR’s Leaders Strategy and its track record of partnering with management teams to build enduring businesses. I’m excited to work closely with Austin, GTCR and the broader team to build on Fiduciary’s strong foundation and help shape its next chapter of growth.”
Doris Meister, Executive Chair, Fiduciary Trust Company
“Our partnership with Doris and GTCR strengthens our ability to do even more for clients over time, whether through broader services, deeper planning capabilities or an enhanced client experience. Doris is an accomplished executive in wealth management with a proven track record of leading and scaling platforms. We are excited to welcome Doris to the board as Executive Chair as we enter this next phase of Fiduciary’s growth.”
Austin Shapard, CEO, Fiduciary Trust Company
“Fiduciary has spent 140 years building deep client trust and institutional credibility, and we see a compelling opportunity to build on that strong foundation. The wealth management market continues to grow and there is a meaningful opportunity to expand the platform’s capabilities and further enhance its technology infrastructure to capitalize on strong industry tailwinds. With Doris, Austin and the broader Fiduciary team, we believe that Fiduciary is uniquely positioned with a best in class offering and executive team.”
Michael Hollander, Managing Director, GTCR
