Wilmington Trust will buy Bingham Legg

Wilmington Trust Corp. said today it has agreed to buy Bingham Legg Advisers LLC, a Boston-based wealth management firm.

Terms of the transaction were not disclosed for the proposed purchase of a firm with 30 employees, said Wilmington Trust, a financial services holding company with headquarters in Delaware.

Bingham Legg, which specializes in tax-sensitive investment strategies for high net-worth individuals, was formed in 1999 in a joint venture of the law firm that is now Bingham McCutchen LLP and Legg Mason Inc., a global asset management firm.

When the transaction is complete, Bingham Legg will take the Wilmington Trust name, and Peter Simmons, Bingham Legg chief executive, will become president of Wilmington Trust's Wealth Advisory Services office in Boston, Wilmington Trust said.

The company noted that the transaction will add Boston to Wilmington Trust's network of national Wealth Advisory Services offices and gives clients of Bingham Legg access to Wilmington Trust's full spectrum of investment and other wealth management services.

As of March 31, Bingham Legg had $1.5 billion in assets under management and another $887 million in assets under supervision, Wilmington Trust said.
(By Chris Reidy, Globe staff)