Magazine article American Banker

Boston Private Widens Pursuit of Rich in N.H. Deal

Magazine article American Banker

Boston Private Widens Pursuit of Rich in N.H. Deal

Article excerpt

Boston Private Financial Holdings, a private banking company with a balance sheet of less than $1 billion, says it is eager to stay in the race to manage the assets of the wealthiest investors.

On Monday the parent of Boston Private Bank and Trust Co. announced a $10.5 million deal for Taylor Investments Inc., a Concord, N.H., investment advisory company that manages $535 million of assets. The deal is expected to close within 60 days.

The announced acquisition would be Boston Private's second in less than a year. In August it bought Sand Hill Advisors, a Menlo Park, Calif., growth-style investment adviser. Sand Hill brought about $3.7 billion of assets under management to Boston Private and gave it a foothold in Northern California, where it hopes to gain access to Silicon Valley wealth.

Timothy L. Vaill, chairman and chief executive officer of Boston Private, said the Taylor deal is small but strategic.

The acquisition would give Boston Private an established presence in value-style investing and would put it at the helm of a wealth management business with $6 billion of separate account assets, Mr. Vaill said.

He said he wants to approach the high-net-worth market with a two-pronged strategy of offering private banking services like estate planning and jumbo mortgages in tandem with wealth management. The company generally caters to individuals with $2 million or more to invest, he said.

In October, Boston Private hired James C. …

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