Boston Private Financial Holdings has sold its affiliate business, Boston Private Value Investors to the BPVI management team for an undisclosed amount. The firm was originally bought by Boston Private Financial Holdings eight years ago. The sale is not expected to materially affect BPFH’s earnings, the firm said in a statement.

"Boston Private Value Investors is a firm that specialises in providing quality investment services to their clients, institutions and high net worth individuals," said
Jay Cromarty, chief executive of BPFH's wealth advisory and investment management business.

"We are always vigilant about having the right affiliates that are aligned with our business model, and based on both BPVI's size and overlap with other affiliates in the
New England region, BPVI no longer fits within our long-term strategy for growth. We believe this amicable separation is in the best interests of BPVI customers and employees as well as BPFH shareholders,” Mr Cromarty said.

BPVI will be renamed
Granite Investment Advisors. The firm will become a 100 employee owned and managed firm.  The company will operate from the former BPVI headquarters in

Concord,
New Hampshire.