In an effort to strengthen its wealth management practice, Wachovia Corp., the nation's fifth-largest bank, agreed to acquire wealth advisory firm Tanager Financial Services Inc.
Terms of the deal were not undisclosed.
Once the deal is completed, Tanager, which has 47 employees and $2 billion under management, will be integrated with Wachovia Wealth Management and its Calibre family office business. Calibre provides financial services to families of multi-generational wealth, and currently has more than $10 billion under management and serves roughly 180 families.
The Boston office of Tanager will become Calibre's third location. It currently has offices in Winston-Salem, N.C., and Philadelphia.
The acquisition is expected to close by the end of the year.
