Grabbing for its share of the high-net-worth market, Franklin Resources Inc. of San Mateo, Calif., said Wednesday that it agreed to buy the New York specialty trust and investment management firm Fiduciary Trust International for $825 million in stock.

The combined company would have more than $280 billion of assets under management and link Franklin's product and distribution capabilities in the United States and abroad with Fiduciary Trust's roster of millionaire private clients, endowments, and foundations.

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