Northern Trust is elbowing its way into the affluent niche in the Southeast. Today Chicago-based bank said it has inked a definitive agreement for Northern Trust to acquire Legacy South, an Atlanta-based private wealth management firm that serves high-net-worth individuals, families and private foundations.

The firms did not disclose terms of the agreement. The agreement is subject to regulatory approvals and other customary closing conditions, and is expected to close in the first quarter of 2003.

With the pickup, Northern Trust will claim 83 offices in 13 states. Legacy South was founded in 1996, has approximately $300 million of assets under management. All three of the Legacy South's founding principals -- Phillip Larkins, John Viani and John Oglesby -- will join Northern Trust.

Mark Stevens, president of Northern Trust Personal Financial Services, explained that the firm is "a natural extension" of the bank's "strong presence in Florida." Northern Trust claims to manage approximately $21 billion for high-net-worth clients in Florida.

"Our entry into the Atlanta market continues our nationwide strategy of expanding into affluent markets that have excellent growth opportunities for our business," added Stevens. "We feel that our reach in the U.S. affluent market is unmatched, and the addition of the Atlanta market will further expand our unique delivery of trust and investment products and services."  

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