Fiduciary Trust International of California is acquiring Cramblit & Carney in an effort to expand its base in California and the West, said Charles W. Beck Jr., Fiduciary Trust's chairman and CEO.
Terms of the deal were not disclosed.
Cramblit & Carney is a domestic stock and bond manager with about $1 billion under management; it will become part of Fiduciary Trust when the deal has been completed.
Fiduciary Trust/California is a wholly owned subsidiary of Fiduciary Trust Co. International in New York, a money manager with over $42 billion under management. The California office has $1.4 billion under management, Mr. Beck added.
Richard P. Carney, chairman and CEO of Cramblit & Carney, will become vice chairman of Fiduciary Trust/California; Ronald S. Hartwick, a Cramblit & Carney principal, will become president.