Northern Trust bought Waterline Partners LLC, a Los Angeles investment advisory firm serving affluent individuals and families.The price of the deal, which closed Wednesday, was not disclosed.

“We are delighted to announce a strategic acquisition that will bolster both our West Coast presence as well as our capabilities for clients,” said Frederick H. Waddell, Northern Trust chairman and chief executive officer. “Waterline is highly regarded for its holistic approach to wealth management, making it an excellent fit with Northern Trust’s client-focused investment strategies.”

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