Boston Private Financial Holdings (BPFH) has agreed to buy Banyan Partners, an investment advisory firm in Palm Beach Gardens, Fla.

The $6.4 billion-asset Boston Private said in a press release that it will create a new wealth management business after it completes the acquisition. The unit will combine the company's existing wealth management business with Banyan, creating a business with $9 billion in assets under management.

Boston Private said it would pay $60 million in cash and stock for Banyan, which has more than $4.3 billion in client assets and nine offices. The deal should be completed in the fourth quarter.

"The addition of Banyan is expected to result in an increase in the consolidated, non-spread based revenue to approximately 45% of total revenue, significantly advancing the company towards its stated aim of creating a more fee-weighted revenue stream," Clayton Deutsch, Boston Private's president and chief executive, said in the release.

Banyan's founder and chief executive, Peter Raimondi, will manage the new unit. Joining him on the leadership team will be Banyan's chief investment officer Thomas Manning, and Boston Private's John Sullivan, who was named a business development officer.

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