The investors, including founding members of the bank, have acquired 100 per cent ownership of the firm from Boston Private Financial Holdings. No single investor holds more than 9.9 per cent of the common stock of Gibraltar Private, the firm said in a statement late yesterday.

"This transaction is in the best interests of our clients," said Mr Hayworth. "The transaction assures that the bank will continue to be guided by the leadership team who is intimately familiar with and committed to the markets and clients we serve."

Mr Hayworth remains CEO and all members of the bank`s executive and senior leadership team will keep their current roles.

Gibraltar Private is headquartered in Coral Gables, Florida and will continue to serve its clients from seven private banking and wealth management offices in southern Florida and Manhattan.