NEW YORK - Fiduciary Trust Company International, a global investment firm with $22 billion of assets under management, said it had reached an agreement to acquire the Trust Company of the South, subject to regulatory approval.

Terms of the acquisition were not disclosed. The transaction is expected to be completed by late summer.

Fiduciary Trust said it plans to operate Miami-based Trust Company of the South as a subsidiary. The unit has a state non-deposit-taking charter and three offices.

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