A wealth advisory firm has expanded its footprint in New England.
Wilmington Trust Corp., Wilmington, Del., has closed on previously announced plans to acquire Bingham Legg Advisers L.L.C., Boston, a wealth management firm that works mainly with wealthy individuals and families.
The price of the deal and other terms were not disclosed.
Bingham McCutchen L.L.P., Boston, and Legg Mason Inc., Baltimore, founded Bingham Leg in 1999 as a joint venture.
Bingham Legg now is a registered investment advisor with $1.5 billion in assets under management and $887 million in assets under supervision.
Wilmington Trust is putting its own name on Bingham Legg, but it is keeping Bingham Legg’s offices and its 30 employees. Peter Simmons, the president of Bingham Legg, is now president of the Wilmington Trust Wealth Advisory Services office in Boston, Wilmington Trust says.