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California

Boston Private Takes Stake in Money Manager

September 27, 2003|From Bloomberg News

Boston Private Financial Holdings Inc., a fund manager for wealthy investors that oversees $8.2 billion in assets, bought 20% of Bingham, Osborn & Scarborough to increase its money management business in California.

Boston Private Financial paid $3 million for the stake and may acquire as much as 70% of closely held Bingham Osborn during the next five years, the company said. Bingham Osborn oversees $800 million for clients from offices in San Francisco and Menlo Park, Calif.

The acquisition is Boston Private Financial's third since May. It purchased New York-based Dalton, Greiner, Hartman, Maher & Co. for about $75 million and First State Bancorp of Los Angeles for $26.6 million.

Boston Private Financial, founded 16 years ago, wants "to replicate our successful wealth-management approach in geographic areas with attractive demographics such as Northern California," Chairman and Chief Executive Timothy Vaill said.

Shares of Boston Private Financial fell 80 cents to $22.22 on Nasdaq. The company ranks 14th on the 22-member Standard & Poor's Small Cap Regional Banks Index.

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