Back To List Print Page
  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Bingham Legg Advisers LLC
  • Wilmington Trust Corporation
  • Wealth Management Firms
  • May 7, 2007
  • $2.4 Billion

Seller Details

Bingham Legg Advisers LLC, a Boston-based wealth management firm that specializes in tax-sensitive investment strategies for high-net-worth individuals and families.

Bingham Legg Advisers (BLA) was formed in 1999 in a joint venture between what is now Bingham McCutchen LLP, a leading international law firm, and Legg Mason, Inc., a global asset management firm. Today BLA is a registered investment advisor with clients throughout the United States as well as in Europe and Asia. The firm provides investment management, tax and financial planning, fiduciary services, and family office services. At March 31, 2007, BLA had $1.5 billion in assets under management and another $887 million in assets under supervision.

Buyer Details

Wilmington Trust Corporation is a financial services holding company that provides Regional Banking services throughout the Delaware Valley region, Wealth Advisory Services for high-net-worth clients in 36 countries, and Corporate Client Services for institutional clients in 86 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in California, Connecticut, Delaware, Florida, Georgia, Maryland, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, and Frankfurt.

Transaction Summary

This transaction adds Boston to Wilmington Trust's network of national Wealth Advisory Services offices and gives clients of Bingham Legg Advisers access to Wilmington Trust's full spectrum of investment and other wealth management services.

When the transaction is complete, BLA will take the Wilmington Trust name and BLA'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 office in Boston. Wilmington Trust's Boston office will occupy BLA's offices on Milk Street in the financial district.

Back To List