Boston Private Financial Holdings Inc. said Thursday that it is buying a local financial planning firm. Rinet Co., a fee-based tax, financial, and investment consulting firm, would keep its name and operate as a subsidiary of Boston Private Financial. Terms were not disclosed. The deal, expected to close Oct. 1, will be accounted for as a pooling of interests.
The deal "allows us to expand our product offerings," said Walter M. Pressey, the chief financial officer of Boston Private Financial. He said his company is interested in Rinet's tax expertise, as well as its asset allocation and estate planning skills. Boston Private Financial offers a range of financial planning, investment management, banking, commercial, and residential lending services through Boston Private Bank and Trust Co. and Westfield Capital Management Co.
It had $528 million of assets on June 30.