The photophysics of the isolated trianion Ag29(BDT)12 3- (BDT = benzenedithiolate), a ligand-protected cluster comprising BDT-based ligands, terminating a shell of silver thiolates and a core of silver atoms, was studied in the gas phase by femtosecond time-resolved, pump-probe photoelectron spectroscopy. UV excitation at 490 nm populates one or more singlet excited states with significant charge transfer (CT) character in which electron density is shifted from shell to core. These CT states relax on an average time scale of several hundred femtoseconds by charge recombination to yield either the vibrationally excited singlet ground state (internal conversion) or a long-lived triplet (intersystem crossing). Our study is the first ultrafast spectroscopic probe of a ligand-protected coinage metal cluster in isolation. In the future, it will be interesting to study how cluster size, overall charge state, or heteroatom doping can be used to tune the corresponding relaxation dynamics in the absence of solvent. Copyright © 2020 American Chemical Society.