Boston Private Financial Holdings has opened its new Boston Private Wealth headquarters at One Federal Street in Boston.
The company has also appointed Mark Thompson as CEO of Boston Private Wealth.
Thompson will also continue to serve as CEO of Boston Private Bank & Trust and president of Boston Private Financial Holdings.
Peter Raimondi will continue in the position of President of Boston Private Wealth.
Boston Private CEO Clayton Deutsch said: "We’ve made outstanding progress in the integration of our Wealth Management, Trust and Private Banking platforms, and we’re nearing the completion of that process this month, on schedule. Our focus is on ensuring that these areas of our business continue to work more closely together to the benefit of our clients, and on driving future growth. Our new Boston Private Wealth leadership structure puts us in a strong position to do both.
"As CEO of Boston Private Bank & Trust Company, as well as Boston Private Wealth, Mark will be in an ideal position to spearhead the seamless delivery of wealth management and private banking services to our clients. He has been overseeing the Private Bank and related businesses since the merger with Banyan Partners, and this move will provide him with additional opportunity to guide development of an integrated Wealth Management, Trust and Private Banking firm. This is central to our overall advance as a Company. Mark is a proven executive who is uniquely qualified to lead this process.
"Peter will continue to work closely with Mark and the rest of the Boston Private Wealth leadership team to capitalize on the incredible growth opportunities in the Wealth Management space. Peter is a successful entrepreneur and builder of businesses. As President, he will be able to focus completely on key growth initiatives, potential team acquisitions, the expansion of relationships with our channel partners in the wealth sector, and on maximizing the talents and skills of our Wealth professionals in our offices around the country."
Thompson joined Boston Private in 1994, and has served as CEO of Boston Private Bank since 2003.
In partnership with Deutsch, Thompson leads the development and expansion of Boston Private’s integrated Wealth Management, Trust and Private Banking model across multiple geographic markets.
"We know that clients are seeking the kind of integrated, high touch, personalized financial services that Boston Private is especially well-positioned to deliver. We’re committed to providing the highest level of sophisticated investment management services in a relationship-driven way, and I’m excited about the opportunity to serve our clients even better as we bring these platforms closer together," said Thompson.
Raimondi joined Boston Private in 2014 via the acquisition of Banyan Partners. Raimondi was founder and CEO of Banyan.
He will lead the expansion of Boston Private’s Wealth Management and Trust business, with a focus on extending the Company’s recently enhanced wealth management expertise to multiple markets and exploring additional opportunities to acquire complementary teams.
"There is a tremendous amount of runway for continued growth at Boston Private Wealth. We have a strong foundation to build on and rich opportunities to expand our reach in areas such as creating a specialized and elite client service model, expanding our work with channel partners, and looking for like-minded teams that can bring new strengths to our business," said Raimondi.
Deutsch added: "In addition to these talented executives, we are fortunate to have an extremely strong and experienced group of professionals across the Company. We are looking forward to continuing to build a world-class Wealth Management, Trust and Private Banking organization, meeting and exceeding the expectations of our clients across the country."