WashTrust completes Halsey Associates purchase

WASHINGTON TRUST BANCORP on Thursday announced the completion of the acquisition of New Haven, Conn.-based wealth manager Halsey Associates for $7.1 in cash and stock, along with expected future payouts of roughly $3 million.
WASHINGTON TRUST BANCORP on Thursday announced the completion of the acquisition of New Haven, Conn.-based wealth manager Halsey Associates for $7.1 in cash and stock, along with expected future payouts of roughly $3 million.

WESTERLY – Washington Trust Bancorp Inc., parent of Washington Trust Co., paid $7.1 million to complete the acquisition of Halsey Associates Inc., increasing the bank’s wealth management assets by 15 percent.

The company announced the finalized acquisition of the New Haven, Conn.-based investment adviser firm on Wednesday, which included a payment of $1.7 million in cash and 136,543 shares of Washington Trust common stock valued at $5.4 million.

In addition, Washington Trust will pay an estimated $3 million more based on estimated future earn-outs to be rewarded based on Halsey Associate’s performance during the next five years.

“This is a significant strategic acquisition for Washington Trust, as it expands our wealth management reach into the Connecticut-New York corridor and further strengthens our position as one of the region’s top wealth management firms,” said Joseph J. MarcAurele, Washington Trust chairman and CEO, in a statement.

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Halsey has approximately $850 million of assets under management and revenue of about $4 million on an annualized basis, according to a Washington Trust federal filing. The acquisition increases Washington Trust Wealth Management assets under administrations by 15 percent to about $6 billion, according to a press release.

Halsey Associates specializes in providing investment counseling to high-net worth families, corporations, foundations and endowment clients around the country. The company will retain its name and staff and operate as a division of Washington Trust Wealth Management.

James S. Zoldy, former chairman of Halsey Associates, is assuming the title of president of the firm. There were no layoffs as a result of the acquisition, according to a company spokesman.

“Halsey has a talented management team and a loyal group of clients,” MarcAurele added. “We are excited to welcome them to Washington Trust and look forward to the many benefits of our combined organizations.”

The deal was initially announced in June and finalized on Aug. 1.

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