Boston Private Bank & Trust Company, owned by Boston Private Financial, has completed the acquisition of all of the assets of Banyan Partners, a US-based independent registered investment advisory firm with over US$4.3 billion in client assets.
The acquisition will see Boston Private Bank setting up a new, wholly owned subsidiary that will integrate its existing wealth management business with that of Banyan Partners.
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The acquisition comes as part of Boston Private Bank’s strategy to boost the presence of its wealth management business and to accelerate the development of its wealth management offering.
Based in Boston, the new subsidiary will be led by Banyan’s founder and former CEO Peter J. Raimondi and will have approximately US$9 billion in client assets under management.
Raimondi said: "We will leverage our core beliefs about wealth management, client protection and high touch client service with technical depth from our expanding team of proven professionals."
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