Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Another North Carolina Bank will Woo Boston Brahmins Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, September 30, 2004

Another North Carolina Bank will Woo Boston Brahmins

by: Sean Hanna, Editor in Chief

Wachovia jumps on the bandwagon of banks courting well-heeled clients with its purchase of Tanager Financial Services. The deal to purchase the Waltham-based money manager promises to open up New England to the bank and position it in Boston. It also brings in accounts with the average size of $11.4 million.

By purchasing Tanager, Wachovia adds more than $2 billion in assets from roughly 174 families, according to the Boston Herald and solidfies its position as the number 10 wealth manager. It also extends the North Carolina-based bank's reach into New England.

The deal also gives Wachovia a presence in Boston, the city where its North Carolina-based rival Bank of America plans to relocate its own wealth management franchise. Bank of America gained its Boston business by purchasing Fleet Bank last year.

"Our clients pretty much range from $1 million to hundreds of millions," Glenn Frank, a Tanager co-founder and vice president, told the paper. "Perhaps there's a bit more old money (than new), but there's really no common theme."

Tanager's founders, who include Frank as well as Dave Beatty and Steve Oliver, told the paper that they spent a year looking for the right buyer. Tanager is nine years old and employs 47 workers.

Wachovia plans to fold Tanager into its existing wealth management arm, which includes its Calibre business that claims to advise 180 families with $10 billion.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2020: Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use