Blooomberg News

WASHINGTON - Boston Private Financial Holdings Inc. filed to sell shares worth $34.1 million to help pay for its recent acquisition of investment company Sand Hill Advisors Inc.

Last month Boston Private said it would buy Sand Hill for about $16 million of cash and stock to gain customers in California's Silicon Valley. Sand Hill is based in Menlo Park, Calif. Boston Private Financial, which manages $4 billion of assets, said it expects the purchase to add to earnings immediately.

Boston Private is offering three million shares, bringing the total number of shares available to 14.8 million, according to a filing with the Securities and Exchange Commission.

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