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Boston Private is now one of the largest registered investment advisers in the United States as measured by client assets with the formal integration of its subsidiary, KLS Professional Advisors Group.
The move was first announced in July.
Founded in 1989 and headquartered in New York City, KLS is a wealth management firm specializing in the complex financial needs of law firms, attorneys and other high-net-worth segments. The integration of KLS and Boston Private Wealth is part of a strategic growth plan aimed at tripling the assets under management in its wealth management and trust division to about $50 billion by 2022. The plan also includes growing the bank’s private banking division 30 percent 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,” Boston Private CEO Anthony DeChellis said in a statement. “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.”
Gary Sica, Senior Managing Director of KLS, will continue to lead the New York-based team in partnership with Bill Woodson, Boston Private’s Head of Wealth Advisory and Family Office Services.
“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,” Sica said in a statement. “I look forward to this next chapter in our firm’s growth and the opportunity it presents for our clients.”
KLS has been an affiliate partner of Boston Private since 2004 when parent Boston Private Financial Holdings Inc. purchased an 81 percent ownership stake, and later acquired the remaining 19 percent in 2010.
The legal process of merging Boston Private Wealth and KLS was completed on Sept. 1. The New York-based team will operate under the name “KLS, A Division of Boston Private.”
