People Moves

Boston Private Bank & Trust Company Makes Strategic Hire In US Northeast

Eliane Chavagnon Reporter London March 18, 2013

Boston Private Bank & Trust Company Makes Strategic Hire In US Northeast

Boston Private Bank & Trust Company
has appointed Patrick Kavey as a vice president and sales professional
within its investment management, wealth advisory and trust services
group.

Kavey has 12 years of investment management experience and will be
responsible for new business acquisition to help the company expand in
the New England area, the US bank said.

He was previously a vice president at Fidelity Investments, before
which he served as a vice president at BNY Mellon and Wellesley,
MA-based GW & Wade.

New England expansion     

At the end of 2012, Boston Private Bank & Trust Company sold its
three Pacific Northwest offices to Spokane, WA-based Sterling Financial
Corporation.

Clayton Deutsch, chief executive and president of Boston Private
Financial Holdings, said the move would allow the firm to concentrate
its private banking resources in New England, the San Francisco Bay Area
and Southern California - two of the three deepest concentrations of
high net worth clients in the US, he said.

At end-September 2012, the Pacific Northwest offices - located in
Seattle and Redmond - had some $270 million in gross loans and $190
million in deposits. The transaction is expected to close in the first
half of 2013 and will result in an $11 million deposit premium and will
free up in excess of $30 million in capital.

Boston Private Bank & Trust is a subsidiary of Boston Private
Financial Holdings and offers investment, wealth advisory and trust
services to individuals, families, non-profits and other institutions.

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