BPFH Announces Sale of RINET Company, LLC
Thursday , September 17, 2009 16:46ET
BOSTON, Sep 17, 2009 (BUSINESS WIRE) -- Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) today announced the sale of RINET Company, LLC, to the RINET management team. Based in Boston, RINET is a wealth advisory firm catering to very high-net-worth clients and their families. The transaction is not expected to have a material impact on BPFH earnings or its financial position.
"We are pleased to have concluded this extremely amicable transaction," said Jay Cromarty, CEO of BPFH's Wealth Advisory and Investment Management Business. "The RINET management team approached us some time ago and after considerable discussions, we both concluded that a sale of RINET back to management was in the best interest of all parties. This transaction is a good opportunity for BPFH to reallocate resources toward the growth of our other affiliates in New England and elsewhere across the country. We have nothing but the highest respect for RINET and its valuable employees and wish them great success."
Brian Rivotto will remain president and CEO of RINET and the firm's management and personnel will not be changed. RINET will remain headquartered in Boston.
"We have greatly appreciated our time as part of the BPFH family and plan to continue working together as an independent company with BPFH affiliates to serve customers throughout the New England region," said Mr. Rivotto of RINET. "This is an agreement that benefits our clients, employees, BPFH and all other stakeholders, and we look forward to continuing to provide the personalized, objective wealth advisory services our clients have come to expect from their RINET relationship."
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