Westerly — The corporate parent of The Washington Trust Co. announced Tuesday its intention to buy New Haven-based investment advisory firm Halsey Associates Inc.

Halsey, established nearly five decades ago, manages more than $850 million in investments and specializes in financial counseling for families with high net worth as well as corporations, foundations and endowments focusing on New York and Connecticut. Account minimums, according to Halsey's website, start at $400,000.

Washington Trust Bancorp Inc. did not reveal the purchase price.

"The Halsey acquisition is a significant strategic initiative for Washington Trust and should further enhance our reputation as one of the premier wealth management firms and financial institutions in the region," said Joseph J. MarcAurele, Washington Trust chairman and chief executive, in a statement. "We've had great success to date with our mortgage banking and commercial lending activities in Connecticut, and a wealth management presence in New Haven should provide additional opportunities for us."

Mark K.W. Gim, Washington Trust executive vice president overseeing its wealth management division, said Halsey's long history of loyal client relationships meshes with the company's long-term strategy.

Halsey Associates was founded in 1967 by the late Ralph W. Halsey Jr., formerly chief investment officer at the Yale University Endowment Fund. Halsey, who died in 2004 at Lawrence + Memorial Hospital, lived in Noank and was the village's harbormaster for many years, according to his obituary in The New York Times.

Washington Trust said it plans to acquire all outstanding shares of Halsey capital stock in return for cash, the bank's common stock and other considerations over time. The transaction must be approved by various regulators and is not expected to close until the next quarter.

"When the transaction closes, we expect assets under administration for the combined entities ... will be approximately $6 billion, further positioning Washington Trust as one of the leading wealth management firms in southern New England," the bank said in a release.

l.howard@theday.com

Twitter: @KingstonLeeHow