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Wachovia Completes Acquisition of Boston Area Wealth Advisory Firm, Tanager Waltham, Mass. -- Wachovia Corporation, the nation's fourth largest bank holding company, has completed its acquisition of 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 area office of Tanager will become Calibre's third location, joining offices in Philadelphia and Winston-Salem, N.C. David Beatty, president of Tanager, will become managing director of the new Calibre office. Established in 1995, Tanager has grown, in less than a decade, to 47 employees serving 175 families, representing $2 billion in assets under advisement. The business will continue to operate under the Tanager brand until February, when systems are converted to Calibre and Wachovia. Calibre is one of the largest multifamily offices in the U.S., with more than $10 billion in assets under care, serving 180 families. 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. He noted that Wachovia will bring Tanager clients more powerful financial information and reporting systems, and a broader offering of services than the company could offer independently. "One of the key reasons that we sought a partner was to expand our array of services to clients," Beatty said. "Through Wachovia, our clients will gain access to a leading personal trust provider, as well as sophisticated credit and deposit services, philanthropy, bill-paying, risk management, and other services." 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 ranging from $1 million to hundreds of millions of dollars. Wachovia was ranked as the fourth largest wealth manager in the U.S. by Barron's in the Oct. 18, 2004, issue. The ranking is based on private banking assets under management, defined as individual clients with accounts of at least $1 million. Wachovia reported client assets, including clients with Wachovia accounts of at least $1 million, at $275 billion. This includes some assets of Wachovia Securities LLC, the corporation's retail brokerage arm, and Wachovia Wealth Management, the private banking, trust and investment management channel designed to serve wealth clients through a team-based model. ABOUT WACHOVIA CORPORATION Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve approximately 14 million client relationships (including households and businesses), primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and Washington, D.C. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through wachovia.com. Wachovia had assets of $436.7 billion, stockholders' equity of $33.9 billion and market capitalization of $61.4 billion at Sept. 30, 2004. SouthTrust had assets of $53.8 billion and stockholders' equity of $4.7 billion at Sept. 30, 2004. |
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