Wilmington completes Bingham Legg takeover
The Delaware trust giant now controls the Boston-based tax-sensitive adviser.
Wilmington Trust Corp. has completed the acquisition of Bingham Legg Advisers LLC.
The terms of the May 7th deal were not disclosed. (InvestmentNews, May 7)
Boston-based Bingham Legg Advisers is a wealth management company that specializes in tax-sensitive investment strategies for high-net-worth individuals and families.
The firm now operates under the Wilmington Trust name and its employees are staff members of the bank.
Peter E. Simmons, Bingham Legg Advisers’ president and chief executive, is now president of Wilmington Trust’s Wealth Advisory Services office in Boston.
Bingham Legg Advisers manages $1.5 billion in assets under management and another $887 million in assets under supervision for high-net-worth clients in the U.S., Europe, and Asia.
“Our expansion into Boston leverages investments we have already made in our company and reflects our strategy to grow our businesses,” said Ted T. Cecala, Wilmington Trust chairman and chief executive, according to a statement.
Last year, Wilmington Trust added offices in Connecticut, New Jersey, and Pennsylvania, and added fundamentally weighted and multi-manager real asset mutual funds to its investment platform.
Wilmington, based in the Delaware capital, has north of $46 billion in assets under management.
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