Northern Trust acquired Waterline Partners LLC, a Los Angeles investment advisory firm that serves affluent individuals and families. Northern Trust did not disclose the terms of the agreement in its Wednesday announcement.
“We are delighted to announce a strategic acquisition that will bolster both our West Coast presence as well as our capabilities for clients,” Frederick Waddell, Northern Trust’s chairman and chief executive, said in the statement. “Waterline is highly regarded for its holistic approach to wealth management, making it an excellent fit with Northern Trust’s client-focused investment strategies.”
Jeffery Coyle, Waterline’s founder, chief investment officer and managing partner, and the entire Waterline team will join Northern Trust. According to the announcement, Waterline has $807 million in assets under management.