Boston Private Financial Holdings said Wednesday that it is selling Anchor Capital Advisors to Anchor’s management team.

The deal is expected to close in the first quarter, the company said in a press release. Boston Private, an $8 billion-asset wealth management, trust and private banking company, will receive about $32 million in cash at the deal’s closing. The company estimates the transaction will result in a noncash, pretax charge of about $25 million in the fourth quarter and a tax expense of $11 million to $16 million at closing.

“This transaction is consistent with our strategy of focusing resources in businesses where we can be our client’s most trusted advisor and offer holistic financial advice, along with integrated wealth management, trust, and private banking capabilities,” Clayton Deutsch, CEO of Boston Private, said in the release. “This transaction liberates capital for us to reinvest in a more focused company.”

Anchor Capital, an asset manager and wealth advisory firm in Boston, currently owns about 17% of the company. Anchor’s employees will own 70% of the firm after the sale. An affiliate of Lincoln Peak Capital, an investment firm in Boston, will own the remaining 30% of Anchor.

Anchor accounted for $24.7 million of revenue and $19 million of operating expenses in Boston Private’s investment management unit for the first nine months of 2017. The firm manages about $9 billion in assets for individual and institutional investors.

In addition, Bill Rice Sr., Anchor Capital’s current CEO and founder, will become executive chairman once the deal closes. Bill Rice Jr. will take over as CEO and keep his current role as chief investment officer. Mark Bergen, the firm’s chief operating officer, will add the title of president.

"The repurchase of our company by management realigns our corporate strategic vision with our core value investing philosophy of investing in strong, undervalued companies that have active management control and majority equity participation," the elder Rice said in the press release. "We're excited about this next chapter in Anchor's history."

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