Goodwin Procter recently advised Boston Private Bank & Trust, a subsidiary of Boston Private Financial Holdings (NASDAQ: BPFH), on its acquisition of substantially all assets and assumption of certain liabilities of Banyan Partners, LLC, an independent wealth management and registered investment advisory firm. In the transaction, Banyan’s wealth management business was combined with Boston Private Bank’s wealth management and trust division to create a new wealth management company with approximately $9 billion in client assets. The new company is headquartered in Boston and has offices in seven key regions, including New England, Northern and Southern California, Florida, Texas and Wisconsin.
Boston Private Bank provides fully integrated wealth management, trust and private banking services to individuals, families, business owners, private partnerships, nonprofits and community partners. Boston Private Bank is also an active provider of financing for affordable housing, first-time homebuyers, economic development, social services, community revitalization and small businesses. Boston Private Bank is headquartered in Boston, Mass. and has 25 offices in Massachusetts and California.
Banyan, headquartered in Palm Beach Gardens, Fl., is a national, independent wealth management and registered investment adviser. Prior to the closing of the transaction, the firm had approximately $4.5 billion in assets under management and eight offices through the United States.
The Goodwin team advising Boston Private Bank was led by senior associate Chris Wilson. Partners William Stern (regulatory), Robert Hale (labor and employment), Robert Kester (tax), William Mayer and Samantha Kirby (public company matters) provided additional support.
Additional information about the completed transaction can be found in the Boston Private Bank press release.