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On a day when one of its chief competitors announced 1,400 job cuts, Chicago-based Northern Trust Corp. said it has acquired Waterline Partners LLC, a Los Angeles investment advisory firm serving rich individuals and families.

Terms of the agreement weren’t disclosed. Northern’s stock was up about one percent in late-morning trading to $50.77 a share; the Dow Jones Industrial Average was up 1.8 percent.

“We are delighted to announce a strategic acquisition that will bolster both our West Coast presence as well as our capabilities for clients,” Northern Trust Chairman and Chief Executive Officer Frederick Waddell said. Get the full story »