Hershey Trust Co. announced Tuesday that Bryn Mawr Trust will purchase its private wealth management Group.
The acquisition is subject to various closing conditions, including regulatory approval, and is expected to be completed within 90 days.
“The Hershey Trust Company has been taking ongoing steps to return its full focus to its core mission of managing the assets of the Milton Hershey School Trust,” LeRoy S. Zimmerman, chairman of the HTC Board of Directors, said in a statement. “Selling our private wealth management business to Bryn Mawr Trust is another positive step to help us achieve that goal while doing so in a manner that is in the best interests of the group's private clients.”
Bryn Mawr Trust is acquiring the entire wealth management business, including the full team of client services personnel. The group will remain at its current location at West Chocolate Avenue in Hershey.
“Our clients can be assured that following the completion of the sale they will continue to work with the same team and receive the same high quality advisory and fiduciary services that they currently receive,” said William F. Christ, the presiden of Hershey Trust's private wealth management group.