Northern Trust has acquired multi family office Waterline Partners. Los Angeles-based Waterline has $807 million in assets under management.

Northern Trust, which already has on the ground operations on the West Coast, has carved out market share on the high end of the wealth market in Los Angeles.

Northern Trust’s chairman and chief executive officer Frederick Waddell said the acquisition bolsters the Chicago firm's West Coast presence. "Waterline is highly regarded for its holistic approach to wealth management, making it an excellent fit with Northern Trust's client-focused investment strategies," he said in a statement.

Waterline's founder, chief investment officer and managing partner, Jeffery Coyle, and the entire Waterline team will join Northern Trust. Terms of the deal were not disclosed.

"I am thrilled to join Northern Trust along with the Waterline team, and also to bring Northern Trust's deep resources and fiduciary expertise to our clients," Coyle said.

Northern Trust's Personal Financial Services unit had assets under management of $149 billion and assets under custody of $349 billion as of September 30th.