Banyan Partners - which itself has made a string of acquisitions in recent time - has over $4.5 billion in client assets and was headquartered in Palm Beach Gardens, FL, with additional locations in Boston, MA, Miami, FL, Naples, FL, Atlanta, GA, Wisconsin, Texas and California.

Boston Private Financial Holdings is combining its existing wealth management business, Boston Private Bank & Trust Company, with that of Banyan to create a wholly-owned subsidiary called BP Wealth Management. 

It will be headed by Banyan's founder and former chief executive, Peter Raimondi, and will have approximately $9 billion in assets under management and advisement – putting it among the largest RIAs in the US.

BP Wealth Management will be headquartered in Boston, with a significant presence across New England, Northern and Southern California, Florida, Texas and Wisconsin.

“At $9 billion this is just the beginning for us,” Raimondi recently told Family Wealth Report. “We don’t have a desire to be the biggest but we can grow dramatically from here.”

The deal is part of a wave of M&A activity in recent months and years in the wealth management arena and financial services sector at large.

“It was a voluntary meeting of the minds…of what we could create together that would be much more unique and successful than what the two of us could do separately,” Raimondi said.

See the interview with Raimondi here. 

Meanwhile, in connection with the acquisition, BPFH said it will award 637,806 shares of restricted BPFH common stock to 22 Banyan employees who will become employees of BP Wealth Management.