FIDUCIARY TRUST INTERNATIONAL, LLC

Fiduciary Trust International, LLC (“FTI” or the “Firm”) is an investment advisory firm providing highly customized portfolio management, research and related wealth management services to high and ultra-high net worth individuals, families and nonprofit institutions. FTI also provides advisory services to privately offered investment funds, and, in some instances, serves as sub-adviser to certain advisory clients. 

FTI was formerly known as Athena Capital Advisors, LLC and was founded in 1993 by Dr. Lisette Cooper. The Firm is wholly-owned by Fiduciary International Holding, Inc. (“FIHI”), which in turn is wholly[1]owned by Fiduciary Trust Company International (“FTCI”), a trust company headquartered in New York. FTI and FTCI each are subsidiaries of Franklin Resources, Inc., a publicly-owned, NYSE-listed (ticker “BEN”), global investment management organization operating as Franklin Templeton. 

FTI’s principal place of business is in Lincoln, Massachusetts. FTI also has places of business in New York, New York, San Mateo, California, and Boca Raton, Florida. 

As of September 30, 2025, discretionary regulatory assets under management were $7,120,715,835 and non-discretionary regulatory assets under management were $549,866,734, totaling $7,670,582,308. 

Financial Advisory, Wealth Management and Family Office Services 

FTI serves a sophisticated group of high and ultra-high net worth private investors, including individuals and families with substantial wealth, as such investors’ external chief investment officer and investment staff. Many of FTI’s family clients have a variety of accounts and affiliated entities such as trusts, limited liability companies and family limited partnerships and FTI typically advises all of these accounts and entities on their behalf. 

FTI also works with endowments, foundations and other institutions and provides outsourced chief investment officer services, governance, advisory and portfolio planning and diagnostic services to such entities. 

FTI frequently works with advisory clients’ family office staff, lawyers, accountants, tax experts and other service providers. FTI assists clients’ extended families and is skilled in addressing intra-family matters, estate planning, charitable giving and distribution planning. Some of FTI’s employees serve in an individual capacity as trustee, or agent for the trustee, of family trusts. FTI also assists the investment committees, boards of trustees, executives, financial staff, attorneys and other service providers of its institutional clients. FTI tailors the solution to best fit the needs of the advisory client.

Portfolio Management and Wealth Management Services 

FTI’s services most often include the creation of a tailored investment policy statement (IPS), strategic asset allocation and tactical implementation, third party investment manager selection and monitoring, and consolidated performance reporting. FTI has strong quantitative and derivative expertise, and, as and where appropriate, creates customized hedges or other sophisticated transactions and structures for our advisory clients. FTI’s portfolio management team periodically reviews and/or revises the IPS to account for changing client circumstances and needs as well as any changing market conditions.

FTI manages advisory client accounts on a discretionary or non-discretionary basis, as agreed upon with each advisory client. FTI works with advisory clients to construct and manage portfolios designed to achieve an advisory client’s objectives. FTI welcomes advisory client involvement at any point in the investment decision-making process. 

For advisory clients with values-based priorities as well as financial goals, FTI has the capability and experience to construct portfolios that align with personal values and social impact objectives. Such advisory clients receive the same customized and personalized service FTI provides to all advisory clients. Advisory clients may impose reasonable restrictions on investing in certain securities, types of securities or industry sectors. 

FTI develops a customized investment approach for each advisory client based on their risk tolerance, return requirements, investable and other assets, time horizon, need for liquidity, legal and tax considerations, inter-generational issues, impact/social investing preferences (if any) and any other special needs and circumstances. Advisory client investment strategies are generally diversified across a range of asset classes as appropriate, including U.S. equities, foreign equities, real estate, private equity, hedge funds and other alternative investments, bonds, derivatives, futures and cash equivalents. 

FTI considers multiple client-specific factors when making investment recommendations. These factors include assessing how well the advisory client’s risk tolerance fits with the proposed investment strategy and investment manager’s philosophy, the composition and needs of the advisory client’s current portfolio, and terms and structure of the proposed investment(s). Depending on an advisory client’s specific circumstances, FTI may advise investing via a separately managed account with a third-party investment manager, via a mutual fund or ETF, or via a third-party private investment vehicle or through one of our private investment funds (“FTI Private Funds”—see below). FTI generally does not offer separate account managed services for advisory clients but may accommodate these services as and when appropriate. 

FTI also works with clients to develop and maintain an overall wealth management strategy. This may include cash flow planning and budgeting, estate, gift and income tax planning, charitable giving strategies, family office administration, insurance considerations, and trust administration. 

Private Investment Funds 

FTI has created and expects to continue to create pooled investment vehicles that are typically structured as fund of funds or access vehicles to underlying funds (each a “FTI Private Fund” and together, the “FTI Private Funds”). The FTI Private Funds are not registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and the interests are not publicly offered under the Securities Act of 1933. FTI serves as a sub-advisor to certain FTI Private Funds, pursuant to a sub-advisory agreement between the management company of the fund and FTI. Where appropriate and suitable, FTI recommends to advisory clients that they invest in one or more of the FTI Private Funds. Not all advisory clients will be offered the opportunity to invest in a FTI Private Fund. 

Certain FTI Private Funds provide diversified commingled investment strategies for eligible clients. Certain other FTI Private Funds were created to generally allow eligible clients the opportunity to combine their funds to meet minimum participation thresholds to invest in third party private investment vehicles such as hedge funds, private equity funds or real estate funds. Participation in these vehicles is at an advisory client’s election and is limited to eligible clients who are accredited investors and qualified purchasers. 

All relevant information pertaining to the FTI Private Funds, including the compensation received by FTI, other fees and expenses, withdrawal rights, minimum investments, qualification requirements, suitability, risk factors and potential conflicts of interest is set forth in the respective FTI Private Fund’s disclosure documents, governing documents, and other offering materials (collectively the “Offering Documents”), as supplemented by information concerning the FTI Private Funds set out in this Brochure. Each investor is required to receive, review and execute (as applicable) the Offering Documents prior to being accepted as an investor in any of the FTI Private Funds. 

Sub-Advisory Services 

FTI is an indirectly wholly-owned subsidiary of FTCI. FTI has entered into sub-advisory agreements with FTCI and certain affiliates of FTCI (“FTCI Affiliates”) to act as sub-adviser to and provide investment management services (“Sub-Advisory Services”) to clients of FTCI and FTCI Affiliates (“Sub-Advisory Clients”). FTI manages the Sub-Advisory Clients designated assets based on the investment strategy as set forth in the investment management agreement between each such Sub-Advisory Client and FTCI or the FTCI Affiliate, respectively. 

Research Services 

FTI has an experienced Research Team. This team conducts due diligence with respect to all investment recommendations made by FTI or investments made by FTI for our FTI Private Funds. More specifically, the Research Team reviews potential and existing investments, tracks the performance of most sectors of the markets, and identifies investments with independent third-party managers demonstrating knowledge and expertise in a particular investment strategy. Upon a client’s request, FTI may conduct due diligence on and meet with third-party managers of specific investments identified by the client. FTI regularly and continuously monitors the performance of its third-party managers. 

From time to time, FTI evaluates investments that are offered by, or through, the direct or affiliated business operations of FTI’s clients. In response to a client’s request, and as deemed suitable and appropriate, FTI’s Research Team gathers information on such opportunities and distributes the information gathered. FTI considers these opportunities as they arise and recommends them to other clients if the investment is otherwise suitable and appropriate, but with full disclosure that a pre-existing relationship attaches to the opportunity. FTI does not receive additional fees or commissions for making such recommendations to clients. 

FTI has expertise in alternative investment management, including the design of customized portfolios of hedge funds and other private investments. FTI’s extensive relationships, and those of our clients, provide unique knowledge and insight regarding specialized investment funds