Gibraltar Private Bank and Trust, a Coral Gables, Fla., unit of Boston Private Financial Holdings Inc., has announced the hiring of Matthew A. Lapides to be the managing director of its wealth arm.

In this post Mr. Lapides is to oversee investment implementation, client relationships, and business development, the company said on Tuesday. He succeeds Frederick H. Sandstrom who is retiring from the role but remaining with the company as a senior adviser.

Mr. Lapides was a resident director and wealth management adviser at Merrill Lynch & Co. Inc. in Miami, where he ran overall operations and gave comprehensive asset management, risk management, and financial planning guidance to a select group of clients.

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