In an increasingly competitive environment, institutions have been rethinking their approaches to providing wealth management — adding depth or acquiring scale; developing outsourcing partnerships; or shifting to open architectures. Following is a selection of recent coverage of key developments.
Wilmington Trust Mulls a Deal to Enter Chicago
When the Delaware company completes its deal for Bingham Legg Advisers LLC of Boston this summer, it will have operations in all but two markets — Chicago and San Francisco — of the seven that the head of its wealth advisory business said account for about half of America's ultrawealthy individuals.

B of A's Wealth Unit to Use U.S. Trust Title
Bank of America Corp. said its high-end wealth management business would operate under the U.S. Trust name when the company buys U.S. Trust Corp. early next month.

New Bryn Mawr Exec Revamps Wealth Effort
Bryn Mawr Trust Co. in Pennsylvania already brings in about one-third of its income from wealth management, but it aims to do better.

UMB Scouting Wealth Management Acquisitions to Meet Its Growth Targets
Since joining UMB Financial Corp. 12 months ago to develop its wealth management business, Clyde Wendel has given clients access to outside money managers and added a midcap fund to UMB's proprietary family.

Wachovia to Hire 300 Private Bankers, More than Doubling Team
On the heels of announcing its deal for A.G. Edwards Inc. to beef up its brokerage arm, Wachovia Corp. said Thursday that it plans to more than double its private banking staff within three years.

Wachovia's National Path Runs Through Brokerage
With its $6.8 billion deal to buy A.G. Edwards Inc., Wachovia Corp. is doubling down on its bet that a brokerage network can give it the retail capacity it needs to be a national player in a broad array of financial lines.

Getting Outsiders' Help in Wealth Management
Sovereign Bancorp Inc.'s wealth management business is young — it was started just six years ago — and, with only about $1 billion of assets under management, it remains a relatively small part of the $82-billion asset Philadelphia company.

B of A — U.S. Trust to Centralize Leadership
The executive team that Bank of America Corp. announced Thursday to head its private wealth management business after it buys U.S. Trust Corp. would bring a more centralized leadership approach than either company has used.

Asset Management Continues to Attract Some Small Banks
Some small banks are entering or remaining in the business of asset management, even though many competitors have abandoned it or turned to third-party outsourcers.

Eliminating Silos: Easier Said than Done
HOLLYWOOD, Fla. — The importance of tearing down company silos as a prelude to succeeding in wealth management may be conventional wisdom in the industry, but executives at plenty of banks acknowledge that following through on the concept remains difficult.

Boston Private: Charter Deal Shouldn't Slow M&A Strategy
Boston Private Financial Holdings Inc.'s chairman and chief executive said its definitive agreement to acquire a Bellevue, Wash., company will not set back plans to buy its way into other regions this year.

B of A Wealth Arm to Increase Staffing
Bank of America Corp.'s global wealth and investment management division plans to add to its sales staff this year.

Platform Opens Opportunities for Comerica
Comerica Inc.'s retirement services unit says it increased its sales fourfold in 14 months after shifting to an open-architecture platform.

As Rivals Merge, Northern Trust CEO Stresses Organic Growth
If Northern Trust Corp. chairman and chief executive William A. Osborn is feeling any pressure to respond to the pending merger of two of his top competitors by making a deal of his own, he isn't showing it.

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