Boston Private Wealth Management Group (WMG) plans to branch out further in the metropolitan New York area, Southern California, the Northwest and South Florida this year as part of plans to round out its business model. Walter Pressey, president, said the firm will expand through acquisition and lift-outs and will target regions that support strong wealth demographics. Boston Private, which uses a private bank, investment management and wealth advisory firm, provides the full array of services to clients in a centralized geographic location.
The firm, which has 12 affiliates in New England, California, Florida, New York and the Pacific Northwest, plans to establish a private banking unit in the metropolitan New York region. It will also expand its Northwest regional presence by adding a private bank and launch a wealth advisory firm in South Florida. BPWMG most recently moved into the Sunshine state with the acquisition of Coral Gables-based Gibraltar Financial (PAM, 4/25) and has an existing presence in the Northwest through its Bellevue, Wash.-based multi-family office, Coldstream Capital Management. The next step is to make a more strategic U.S. growth push to target pockets of established and emerging U.S. wealth, said Catharine Sheehan, director of marketing, noting wealth management teams service clients within a 100 mile radius.
The firm is also homing in on Southern California and aims to launch a private bank in the Newport Beach area and also a private bank and wealth advisory firm in San Diego. BPWMG has a strong presence in Northern California locales including San Francisco, Palo Alto, Los Altos, San Mateo and Menlo Park. It is looking to beef up in the greater Los Angeles region where it has a presence. The firm has approximately $22 billion in assets under management.