Boston Private Financial Holdings Inc. said Wednesday that it took a one-time $66 million charge against its second-quarter earnings as a result of an ownership restructuring at its Westfield Capital Management.
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Under the restructuring, announced in March, the $6.6 billion-asset Boston Private would receive the first $30 million of Westfield's pretax profits and a third of its remaining profits. Westfield's management team would receive the other two-thirds.
"Westfield's first-class team of senior professionals now has direct participation in the future value they create," Timothy L. Vaill, Boston Private's chairman and chief executive officer, said in a press release.
