News
April 04, 2004
Wilmington, Del., April 5, 2004 - Wilmington Trust Corporation, one of the nation's leading wealth managers, has signed a definitive agreement to affiliate with Grant, Tani, Barash & Altman, Inc. (GTBA), a privately held, Beverly Hills-based firm that provides comprehensive business management services to affluent individuals, their families, and their companies.
"This affiliation broadens our capacity to serve clients, strengthens our presence in southern California, and advances our strategy to invest in businesses that have the most potential for long-term growth," said Ted T. Cecala, Wilmington Trust chairman and CEO. "We are excited about aligning with a firm that shares our commitment to superior service and long-standing client relationships."
GTBA helps clients who seek professional office assistance to help them manage their wealth and lifestyle. Since its founding in 1992, GTBA has established a reputation for working with clients who demand the utmost in privacy, confidentiality, and discretion.
GTBA's services, which are customized for each client, include accounting, bookkeeping, cash flow management, budgeting, tax planning, and insurance consulting. Should the need arise for expertise that is not available from GTBA's approximately 40-member staff, the firm calls upon its extensive network of external specialists.
"We are delighted to join forces with an organization whose values are so in step with our own," said Warren Grant, president and a cofounder of GTBA. "This is terrific news for our clients."
Grant and partners Jane Tani, Corey Barash, and Howard Altman indicated that little will change at GTBA other than the fact that clients will have access to the full range of Wilmington Trust's wealth management services, including its expertise in complex trust and estate planning. GTBA will maintain its headquarters in Beverly Hills, and all staff will remain at the firm.
"Our two companies' combined capabilities create a competitive distinction that will benefit current and potential clients of both firms," said Rodney P. Wood, executive vice president, Wilmington Trust Wealth Advisory Services. "Many of our clients throughout the United States have requested the services in which GTBA specializes through their relationship with Wilmington Trust."
Delaware-based Wilmington Trust has clients in all 50 states and Wealth Advisory Services offices on the East Coast and in southern California, in Century City and Costa Mesa (Orange County). At December 31, 2003, assets under management totaled $32.3 billion, including investment affiliates Cramer Rosenthal McGlynn and Roxbury Capital Management.
Terms of the transaction, which is expected to close in mid-2004, were not disclosed. GTBA's revenue and expenses will be consolidated into Wilmington Trust's financial statements. It is anticipated that the transaction will be accretive to Wilmington Trust's earnings in 2004.
Wilmington Trust Corporation is a financial services holding company that provides wealth management and specialized corporate services to clients throughout the United States and in more than 50 other countries, and commercial banking services throughout the Delaware Valley region. Its wholly owned bank subsidiary, Wilmington Trust Company, which celebrated its 100th anniversary in 2003, is the 15th largest personal trust provider in the United States. Wilmington Trust Corporation and its affiliates have offices in California, Delaware, Florida, Georgia, Maryland, Nevada, New York, Pennsylvania, Tennessee, the Cayman Islands, the Channel Islands and London, and other affiliates in Dublin and Milan.
Preceding press release obtained from MBIA Inc. at www.mbia.com . Berkshire Capital has reprinted this press release substantially in its entirety.
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