Northern Trust buys Waterline Partners

Asset manager Northern Trust Corp. on Wednesday said it acquired Waterline Partners, a Los Angeles-based investment advisory firm that serves affluent individuals.

Terms of the deal were not disclosed. Waterline has $807 million in assets under management.

Northern Trust Chairman and CEO Frederick H. Waddell said the deal bolsters the Chicago firm's West Coast presence.

Waterline's founder, chief investment officer and managing partner Jeffery Coyle is joining Northern Trust.

As of Sept. 30, Northern Trust's Personal Financial Services business unit had assets under management of $149 billion and assets under custody of $349 billion.

In morning trading, Northern Trust shares added 55 cents to $50.85. The stock has changed hands between $45.30 and $59.36 in the past 52 weeks.