The latest mergers, acquisitions and corporate actions in and around the North American wealth management sector.

Fiduciary Trust International has taken a strategic stake in North Capital Investment Technology, a business based in Utah.

The size of the investment wasn’t disclosed in a statement yesterday from FTI – part of Franklin Templeton. 

“Our relationship with Fiduciary Trust International and Franklin Templeton will give us the opportunity to scale and serve more clients,” James Dowd, chief executive of North Capital Investment Technology, said.

“North Capital has developed an early-stage private securities market platform that makes it easier to invest in this asset class. High net worth clients want access to this type of investment,” John M Dowd CEO of Fiduciary Trust International, said. (He is unrelated to James Dowd.) “In addition to private securities, North Capital is at the forefront of innovation around digital assets and has secured an essential FINRA license to transact digital assets. This, combined with Fiduciary’s Trust Company structure and innovative custodial platform, is exactly where and how digital assets will be held in the future.”

In 2017, North Capital released its transaction platform Transact Cloud, an API-based software-as-service solution that enables professional intermediaries to offer, transact, and clear offerings of exempt securities. The firm first offered subscription escrow services for primary offerings, and later added custody of exempt securities for its customers. In February 2020, North Capital’s PPEX ATS received regulatory approval to begin secondary trading of exempt securities, including digital asset securities.

Fiduciary Trust International had more than $98 billion in assets under management and administration as of September 30, 2021.