BOSTON - Boston Private Financial Holdings Inc. said Monday that it had agreed to acquire Sand Hill Advisors Inc., an investment advisory firm in Menlo Park, Calif., for about $16 million

Boston Private said it would pay 70% of the purchase price in cash and the rest in stock. The deal is expected to close in July or August, said Walter M. Pressey, Boston Private Financial's chief financial officer. Sand Hill, which caters primarily to high-net-worth individuals in Northern California, has $900 million of assets under management. Like Boston Private Financial, which manages about $4 billion of assets, Sand Hill has placed an emphasis on serving owners and operators of private businesses, a largely underserved market, Mr. Pressey said.

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