Northern Trust has acquired Waterline Partners, a Los Angeles, California-based investment advisory firm serving affluent individuals and families. Terms of the agreement were not disclosed.
Joining Northern Trust is Waterline’s founder, chief investment officer and managing partner, Jeffery Coyle, and the entire Waterline team. Waterline has $807m in assets under management.
As of 30 September 2010, Northern Trust’s Personal Financial Services business unit had assets under management of $149bn and assets under custody of $349bn.
Northern Trust chairman and CEO Frederick Waddell said Waterline is highly regarded for its holistic approach to wealth management, making it an excellent fit with Northern Trust’s client-focused investment strategies.
Coyle said he is thrilled to join Northern Trust along with the Waterline team, and also to bring Northern Trust’s deep resources and fiduciary expertise to clients.
"We are very excited to offer our clients Northern Trust’s full range of banking, investment management and trust services," Coyle said.