Deals & People May 7, 2007
Bingham Legg Advisers LLC to be Acquired by Wilmington Trust
Wilmington Trust Corporation will acquire Bingham Legg Advisers LLC, adding the Boston-based wealth management firm to its network of national Wealth Advisory Services offices.
Reported by Alison Cooke
Registered investment advisor Bingham Legg Advisers (BLA), formed in 1999 in a joint venture between what is now the law firm of Bingham McCutchen LLP and global asset management firm Legg Mason, Inc., provides investment management, tax and financial planning, fiduciary services, and family office services to high-net-worth individuals and families. At March 31, 2007, BLA had $1.5 billion in assets under management and another $887 million in assets under supervision.
When the transaction, expected to close in the second quarter of 2007, is complete, BLA will take the Wilmington Trust name and the firm’s 30 employees will become Wilmington Trust staff members. Peter E. Simmons, BLA’s president and CEO, will become president of Wilmington Trust’s Wealth Advisory Services (WAS) office in Boston, the firms said.
The BLA acquisition is the latest in a series of investments that Wilmington Trust has made in recent years to expand its WAS business, according to a press release. During 2006, Wilmington Trust expanded its family office services practices on the East Coast and opened new WAS offices in Connecticut, New Jersey, and Pennsylvania.