Wilmington Buys Balentine

Atlanta-based Balentine has nearly $4 billion in assets under management and serves clients throughout the Southeast from its headquarters in Atlanta and an office in Nashville.

Through the affiliation, Wilmington Trust’s investment management options will be expanded and clients will have access to Balentine & Company’s specialty of using third-party investment managers to implement individualized strategies.

Wilmington Trust’s wealth management capabilities, trust and estate planning services, and expertise in advantageous Delaware trust and tax laws will be extended to Balentine & Company’s clients.

The Balentine & Company name will remain unchanged and all employees in Atlanta and Nashville will be retained. Robert Balentine will continue as chairman and chief executive officer of Balentine & Company and will become president of Wilmington Trust of Georgia.

He will also be named a member of the senior management team in the private client advisory services department at Wilmington Trust, and Wilmington Trust CEO Ted Cecala will join Balentine & Company’s board of directors.

Terms of the transaction, which is expected to close in January 2002, were not disclosed.

– Camilla Klein                         editors@plansponsor.com