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