Boston Private Financial Holdings Inc.'s chief financial officer said Wednesday it decided to sell a business unit and its stake in another to their management teams because both had shrunk considerably and no longer had a "material impact" on the parent company's bottom line.

Boston Private said late Tuesday that it had sold its 76% interest in Palo Alto, Calif.-based Sand Hill Advisors LLC to its management team with the financial support of Fiduciary Network. Separately, it said it sold Boston Private Value Investors to its management team.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.