Wealth management and private banking company Boston Private confirmed Monday, Sept 23, the formal integration of its subsidiary KLS Professional Advisors Group with its wealth management unit, Boston Private Wealth. This marks Boston Private’s rise as one of the largest registered investment advisers in the U.S. as measured by client assets.
In a press release, the financial giant said that the integration comes as part of a “strategic growth plan” aimed at tripling the company’s assets under management to $50 billion by 2022.
“KLS is known for providing exceptional client value to attorneys and other professional service partners due to its technical excellence and commitment to client service,” said Boston Private CEO Anthony DeChellis. “KLS’s expertise, coupled with Boston Private’s resources, creates a more complete offering for our clients, and provides a platform for growth in New York, one of the most important wealth markets in the world.”
In 2004, Boston Private entered into a definitive agreement to acquire an 81% interest in the business of KLS Professional Advisors Group. The initial acquisition is said to be valued at $30 million, with 91 percent in cash and the remaining in common stock. In 2010, it went to acquire the remaining 19 percent of the company.
Under the new arrangement, Gary Sica, Senior Managing Director of KLS, will continue to lead the KLS in partnership with Bill Woodson, Boston Private’s Head of Wealth Advisory and Family Office Services. The New York-based team will also now operate under the name “KLS, A Division of Boston Private.”
“KLS and Boston Private share a mission of providing clients with holistic advice guided by a deep understanding of our clients and their needs, and not by-products,” said Sica. “I look forward to this next chapter in our firm’s growth and the opportunity it presents for our clients.”