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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Legacy South, Inc.
  • Northern Trust Corporation
  • Wealth Management Firms
  • November 25, 2002
  • $300 Million

Seller Details

Founded in 1996, Legacy South is an Atlanta-based wealth management firm with approximately $300 million under management for HNW individuals, families and private foundations. The firm is led by the three founding principals and a fourth senior partner, all of whom have deep ties to the Atlanta marketplace and extensive experience in the wealth management industry.

Buyer Details

Northern Trust Corporation is a multibank holding company with a network of offices in 12 states, international offices in 5 countries and nearly 9,500 employees. The company provides personal fiduciary and asset management, personal and private banking and master/trust custody, global custody and treasury management services. NTRS has bank assets of $40 billion, assets under administration of $1.4 trillion and assets under management of $293 billion.

Transaction Summary

The acquisition will mark NTRS' entry into the Atlanta marketplace and a natural expansion from the company's strong presence in Florida. Legacy South is an ideal platform from which NTRS will launch its Atlanta business. Legacy South has chosen to partner with NTRS in order to leverage its back office and investment management products and services. NTRS was attracted by the firm's strong reputation in the Atlanta marketplace, which will provide an established platform for sustained growth.

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