Investor Relations

Press Release

Boston Private Announces Integration of KLS Professional Advisors Group with Boston Private Wealth

Company Release - 9/23/2019 8:30 AM ET

Combined firm becomes one of the largest registered investment advisors in the US focused on serving high-net-worth clients

BOSTON--(BUSINESS WIRE)-- Boston Private, a leading provider of fully integrated wealth management, trust, and commercial and private banking services, today announced the formal integration of KLS Professional Advisors Group, LLC (KLS) with Boston Private Wealth LLC. The combined firm becomes one of the largest registered investment advisors in the United States as measured by client assets.

Founded in 1989 and headquartered in New York City, KLS is a wealth management firm specializing in the complex financial needs of law firms, attorneys and other high-net-worth segments. The integration of KLS and Boston Private Wealth is part of a strategic growth plan that leverages the competencies of each organization to create a more powerful, efficient and effective financial services firm.

“KLS is known for providing exceptional client value to attorneys and other professional service partners due to its technical excellence and commitment to client service,” said Anthony DeChellis, CEO at Boston Private. “KLS’s expertise, coupled with Boston Private’s resources, creates a more complete offering for our clients, and provides a platform for growth in New York, one of the most important wealth markets in the world.”

Gary Sica, Senior Managing Director of KLS, will continue to lead the New York-based team in partnership with Bill Woodson, Boston Private’s Head of Wealth Advisory and Family Office Services.

“KLS and Boston Private share a mission of providing clients with holistic advice guided by a deep understanding of our clients and their needs, and not by products,” said Sica. “I look forward to this next chapter in our firm’s growth and the opportunity it presents for our clients.”

KLS has been an affiliate partner of Boston Private since 2004 when parent Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) purchased an 81 percent ownership stake, and later acquired the remaining 19 percent in 2010.

The legal process of merging Boston Private Wealth and KLS was completed on September 1, 2019. The New York-based team will operate under the name “KLS, A Division of Boston Private.”

About Boston Private

Boston Private is a leading provider of fully integrated wealth management, trust, and commercial and private banking services. For more than 30 years, Boston Private has taken a highly personalized approach to serving the complex financial needs of individuals, families, business owners, private partnerships, nonprofits and community partners. Boston Private is also an active provider of financing for affordable housing, first-time homebuyers, economic development, social services, community revitalization and small businesses.

Headquartered in Boston, Boston Private has offices across the United States, including in Boston, San Francisco, San Jose, Los Angeles, Palm Beach and New York. Commercial and private banking and trust services are provided through Boston Private Bank & Trust Company, a Massachusetts chartered trust company. Wealth management services are provided through Boston Private Wealth LLC, an SEC registered investment adviser and a wholly-owned subsidiary of Boston Private Bank & Trust Company.

Boston Private Bank & Trust Company is a subsidiary of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH). For more information, visit www.bostonprivate.com.

Investments are Not FDIC Insured, Not Guaranteed and May Lose Value.

MEDIA:
Lucy Muscarella
617-912-4402
lmuscarella@bostonprivate.com

INVESTOR:
Adam Bromley
617-912-4386
abromley@bostonprivate.com

 

Source: Boston Private

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