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FIDUCIARY TRUST TO ACQUIRE THE TRUST COMPANY OF THE SOUTH

 FIDUCIARY TRUST TO ACQUIRE THE TRUST COMPANY OF THE SOUTH
 NEW YORK, June 16 /PRNewswire/ -- In a joint announcement today, Fiduciary Trust Company International, the global money manager, said it had reached agreement to acquire The Trust Company of the South, based in Miami, subject to regulatory approval. Fiduciary Trust said it will operate The Trust Company of the South as a subsidiary.
 Terms of the acquisition were not disclosed. The transaction is expected to be completed by late summer.
 Fiduciary Trust Chairman Lawrence S. Huntington said, "The acquisition will satisfy the needs of existing Fiduciary Trust clients who retire to Florida and want local investment advice or wish to name a Florida trust company as executor and trustee in their will.
 "This acquisition also allows us access to the important, growing market for trust and investment management services in Florida for both individuals and institutions," he added.
 The Trust Company of the South is a Florida-chartered, non-deposit- taking trust company which operates three offices in South Florida, including its Miami headquarters.
 Fiduciary Trust Company International manages $22 billion for individuals and institutions around the world.
 Huntington will become a member of the board of directors of The Trust Company of the South. He said that Peter E. Houghton, President and Chief Executive Officer of The Trust Company of the South, would continue to be responsible for its day-to-day management as well as for long-term policy decisions and planning.
 The Trust Company of the South is currently a subsidiary of Fiduciary Services Company in South Carolina. (Fiduciary Services has no business connection to Fiduciary Trust.)
 Fiduciary Trust Company International's offices in the U.S. include New York, Washington, D.C. and Los Angeles. Overseas it maintains offices in London, Geneva and Hong Kong.
 -0- 6/16/92
 /CONTACT: George J. Mullen, Jr., 212-466-4100, for Fiduciary Trust Company/ CO: Fiduciary Trust Company International ST: New York IN: FIN SU: TNM


SH -- NY016 -- 0528 06/16/92 09:31 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
Words:328
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