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Wilmington Trust Corporation Completes Acquisition of Boston Wealth Manager

Stephen Harris 3 July 2007

Wilmington Trust Corporation Completes Acquisition of Boston Wealth Manager

Wilmington Trust Corporation of the US has completed the acquisition of Bingham Legg Advisers, a Boston-based wealth management firm that specialises in tax-sensitive investment strategies for high net worth individuals and families. The terms of the deal were not disclosed. Bingham Legg Advisers is now under the Wilmington Trust name and its employees are staff members of Wilmington Trust. BLA president and chief executive Peter Simmons is now president of Wilmington Trust’s Wealth Advisory Services office in Boston. BLA was established in 1999 in a joint venture between what is now international law firm Bingham McCutchen, and global asset manager Legg Mason. The firm has high net worth clients in the US, Europe, and Asia and as of 31 March 2007, it had $1.5 billion in assets under management and another $887 million in assets under supervision. This acquisition follows other investments Wilmington Trust has made in recent years in its WAS business, which provides investment management, fiduciary services, and family office services to affluent clients in all 50 states and in 35 other countries.

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