Wilmington Trust Corp. announced a deal Monday to buy Bingham Legg Advisers LLC, a Boston wealth manager specializing in tax-sensitive investment strategies for high-net-worth individuals and families.
Bingham Legg, formed in 1999 as a joint venture between the Boston law firm Bingham McCutchen LLP and Legg Mason Inc., managed $1.5 billion of assets and supervised $887 million of assets as of March 31. It provides investment management, tax and financial planning, fiduciary services, and family office services.
Bingham Legg would take the Wilmington Trust name. Peter E. Simmons, Bingham Legg's president and chief executive officer, would become the president of Wilmington Trust's wealth advisory services office in Boston. The deal is expected to close this quarter.
