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September 29, 2004
Wachovia to Acquire Boston Wealth Advisory Firm, Tanager Financial Services
Tanager Gives Wachovia Wealth Management First Presence in Boston
Waltham, Mass. -- Wachovia Corporation, the nation's fifth largest bank holding company, announced today that it has agreed to acquire the assets of Tanager Financial Services, Inc., of Waltham, Mass. Tanager, the nation's 10th largest independent wealth advisory firm, will become part of Wachovia Wealth Management and its Calibre family office business. The Boston office of Tanager will become Calibre's third location, in addition to offices in Philadelphia and Winston-Salem, N.C.
Tanager was established in 1995 and in less than a decade has grown to 47 employees serving 175 families representing $2 billion in assets under advisement.
Stanhope Kelly, president of Wachovia Wealth Management, said the acquisition is part of a strategic plan for the company to expand in attractive growth markets. Wachovia Wealth Management is also opening an office in Dallas and opened its first Manhattan office last year.
"Wachovia Wealth Management is emerging as a leading wealth manager, as we build our presence in important high net worth markets such as Boston," Kelly said. "We will continue to look for opportunities as we broaden our client base in key locations."
Tanager President David Beatty said the firm was attracted to Wachovia by its integrated, holistic approach to wealth management and the sophistication of its Calibre family office practice. Calibre is one of the largest multifamily offices in the U.S., with more than $10 billion in assets under care, serving 180 families. Joining Wachovia will enable the firm to offer clients a more comprehensive array of services than Tanager could offer alone, Beatty said, including fiduciary services, expanded charitable services, credit and more flexible financial information and reporting systems.
"By partnering with Wachovia and Calibre, we will be able to provide our clients with many advantages," Beatty said. "Two are paramount. First, we are assuring our clients of the long-term stability of our firm - something that few independent advisors can do. Our client service teams will remain intact, and the founders plan to remain a part of the team for many years to come. Second, we are maintaining our core values and culture. We will retain our objective, open-architecture strategic investment approach."
Dan Prickett, executive vice president of investments at Wachovia Wealth Management, said that Tanager was appealing to Wachovia because of its sophisticated investment style and dedicated investment consulting department. "We're very pleased to have won Tanager's confidence as a firm that can deliver their clients the resources of a Fortune 100 company, while at the same time enabling them to retain their character as a boutique firm," Prickett said.
Glenn Frank, vice president of Tanager's Wealth Advisory Group, said the Wealth and Family Office groups in Tanager would continue to work in tandem, serving a wide range of clients with investment assets of client families ranging from $1 million to hundreds of millions of dollars.
Terms of the deal were not disclosed. The acquisition is expected to close in the fourth quarter of 2004. Cambridge International Partners and Kadis & Co. acted as financial advisors to Tanager, and Nixon Peabody LLP acted as legal counsel.
About Wachovia
Wachovia Corporation (NYSE:WB) is the 5th largest wealth manager in the country, according to Barron's 2003 rankings of U.S. Wealth Managers. Wachovia is one of the largest providers of financial services to retail, brokerage and corporate customers in the nation, with assets of $418.4 billion, market capitalization of $58.3 billion and stockholders' equity of $32.6 billion at June 30, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are offered through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
Information Regarding Proposed Merger with SouthTrust Corporation
On June 21, 2004, Wachovia Corporation announced an agreement to merge with SouthTrust Corporation. The proposed merger will be submitted to Wachovia's and SouthTrust's shareholders for their consideration. Shareholders are urged to read the definitive joint proxy statement/prospectus regarding the proposed transaction and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information. You will be able to obtain copies of all documents filed with the SEC regarding the proposed merger, free of charge, at the SEC's Internet site (http://www.sec.gov). You will also be able to obtain these documents, free of charge, at www.wachovia.com or at southtrust.com.
Wachovia and SouthTrust, and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from the shareholders of Wachovia and SouthTrust in connection with the proposed merger. Information about Wachovia's and SouthTrust's directors and executive officers and other persons who may be deemed participants in the transaction is contained in the definitive joint proxy statement/prospectus regarding the proposed merger. You may obtain free copies of these documents as described in the preceding paragraph.
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