Washington Trust acquires Conn. firm

WESTERLY – Washington Trust Bancorp Inc. on Tuesday announced the signing of an agreement to acquire a Connecticut-based investment advisory firm with more than $850 million in assets under management, effectively growing the bank’s wealth management division.
The U.S. Securities and Exchange Commission-register firm Halsey Associates Inc. is based in New Haven, Conn., and specializes in providing investment counseling to high-net families, corporations, foundations and endowment clients around the country, according to a press release. Pending client consent and regulatory approval, the transaction is expected to be finalized in this year’s third quarter. Washington Trust Bancorp, parent of Washington Trust Co., expects the acquisition will increase its assets under administration – based on current projections – to about $6 billion. Joseph J. MarcAurele, Washington Trust chairman and CEO, in a statement called the acquisition a “significant initiative,” which should further enhance the bank’s reputation, “as one of the premier wealth management firms and financial institutions in the region.
“We’ve had great success to date with our mortgage banking and commercial lending activities in Connecticut and a wealth management presence in New Haven should provide additional opportunities for us,” he said.
The bank would not disclose how much it’s paying in the acquisition, but Washington Trust would acquire all the outstanding shares of Halsey capital stock. The company will pay a combination of cash and Washington Trust common stock for the transaction, according to the release, and Halsey’s principals will have the opportunity to earn receive more over a “future earn-out period.”
James S. Zoldy Jr., chairman of Halsey Associates, said in a statement that the company looks forward to playing a role in the future success of Washington Trust.
“Our philosophy has always been to do what is in the best interest of our clients and we are excited about the opportunities this alliance presents for our clients and the firm,” Zoldy said.

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