Wilmington Trust Completes Acquisition of Wealth Advisory Firm in Boston

  
    
  
  
    
      Wilmington Trust Corporation (NYSE:WL) announced it has completed the 
      acquisition of Bingham Legg Advisers LLC, a Boston-based wealth 
      management firm that specializes in tax-sensitive investment strategies 
      for high-net-worth individuals and families.
    
    
      Bingham Legg Advisers (BLA) is now under the Wilmington Trust name and 
      its employees are staff members of Wilmington Trust. BLA president and 
      CEO Peter E. Simmons is now president of Wilmington Trust’s 
      Wealth Advisory Services (WAS) office in Boston, which is located in the 
      financial district on Milk Street.
    
    
      “With the acquisition of BLA complete, 
      Wilmington Trust now has an outstanding team of wealth advisors on the 
      ground in one of the nation’s top 
      high-net-worth markets,” said Ted T. Cecala, 
      Wilmington Trust chairman and CEO. “Our 
      expansion into Boston leverages investments we have already made in our 
      company and reflects our strategy to grow our businesses.”
    
    
      BLA was established in 1999 in a joint venture between what is now 
      Bingham McCutchen LLP, a leading international law firm, and global 
      asset manager Legg Mason, Inc. BLA has high-net-worth clients in the 
      U.S., Europe, and Asia. As of March 31, 2007, BLA had $1.5 billion in 
      assets under management and another $887 million in assets under 
      supervision.
    
    
      “We are pleased to become part of Wilmington 
      Trust and look forward to helping the company grow its presence in 
      Boston and throughout New England,” said Mr. 
      Simmons. “This alignment strengthens our 
      capabilities and allows us to add new services for our clients.”
    
    
      Terms of the deal announced on May 7 were not disclosed. BLA’s 
      revenue and expenses will be consolidated into Wilmington Trust’s 
      financial statements. The acquisition is expected to be modestly 
      accretive to Wilmington Trust’s earnings in 
      2007.
    
    
      This acquisition follows other investments Wilmington Trust has made in 
      recent years in its WAS business, which provides investment management, 
      fiduciary services, and family office services to affluent clients in 
      all 50 states and in 35 other countries. In 2006, Wilmington Trust 
      significantly expanded its family office services practice on the East 
      Coast by opening new WAS offices in Connecticut, New Jersey, and 
      Pennsylvania, and added fundamentally weighted and multi-manager real 
      asset mutual funds to its investment platform.
    
    
      “Although we have served high-net-worth 
      clients in New England for many years, we have been seeking the right 
      opportunity to expand our physical presence in the region,” 
      said Rodney P. Wood, executive vice president and head of the WAS 
      business for Wilmington Trust. “With a 
      similar approach to client service and an excellent reputation, BLA was 
      the ideal fit.”
    
    
      Wilmington Trust Corporation (NYSE:WL) is a financial services holding 
      company that provides Regional Banking services throughout the Delaware 
      Valley region, Wealth Advisory Services for high-net-worth clients in 36 
      countries, and Corporate Client Services for institutional clients in 86 
      countries. Its wholly owned bank subsidiary, Wilmington Trust Company, 
      which was founded in 1903, is one of the largest personal trust 
      providers in the United States and the leading retail and commercial 
      bank in Delaware. Wilmington Trust Corporation and its affiliates have 
      offices in California, Connecticut, Delaware, Florida, Georgia, 
      Maryland, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South 
      Carolina, Vermont, the Cayman Islands, the Channel Islands, London, 
      Dublin, Frankfurt, and Luxembourg. For more information, visit www.wilmingtontrust.com.