“Wilmington Trust has had wealth management clients in the New England area for many years, and we have been looking for the right opportunity in Boston for some time,” said Ted T. Cecala, Wilmington Trust chairman and chief executive officer. “Bingham Legg’s investment management philosophy and team approach to serving clients are very similar to ours. Our two firms fit well together, and I am delighted to be entering one of the nation’s top high-net-worth markets with such a capable, highly regarded and well-established team already in place.”
Bingham Legg, which oversees roughly $2.4 billion in assets, was formed in 1999 as a joint venture between law firm Bingham McCutchen and Legg Mason. Once the transaction is complete, Bingham Legg will assume Wilmington Trust’s name and Peter E. Simmons, Bingham Legg’s president and CEO, will become president of Wilmington Trust’s wealth advisory services office in Boston.