UPDATE 1-Northern Trust buys California investment adviser

BOSTON Wed Dec 1, 2010 10:54am EST

BOSTON Dec 1 (Reuters) - Northern Trust Corp (NTRS.O) said on Wednesday it bought a California investment advisory firm, adding to services the Chicago bank offers wealthy families.

Northern Trust said it would not disclose the terms of its deal to buy Waterline Partners LLC of Los Angeles, which has $807 million in assets under management.

Northern Trust's personal financial services business unit had $149 billion in assets under management as of Sept. 30. The bank is among a number of financial institutions that have created "family office" and similar units to serve wealthy clients whose money has been somewhat insulated from the financial crisis.

Waterline's founder and managing partner Jeffery Coyle and its other employees will join Northern Trust, the bank said in a statement. (Reporting by Ross Kerber, editing by Gerald E. McCormick)

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