Banyan Partners said the acquisition is part of its efforts in building a premier wealth and investment management firm.
This acquisition is expected to increase the presence of Banyan Partners in Boston as well as allowing Colonial Wealth, the $1bn wealth management company, to offer its customized investment solutions.
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As a result of the merger, all programs, service offerings and strategies will remain same or be enhanced. The executives and key employees of the Colonial Wealth will join Banyan Partners, as a result of the merger.
Banyan Partners president and CEO Peter Raimondi said we plan to be aggressive with the acquisition strategy as we look to acquire the best and brightest who share similar client centric cultures.
Terms of the agreement were not disclosed.
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