During Clay Deutsch’s eight years at the helm of Boston Private, the former McKinsey & Co. executive saw his fair share of challenges, including issues with the bank’s up-and-coming wealth management division and a series of layoffs. However, when he retired earlier this year, Deutsch left Boston Private in much better shape than when he joined it.
Less than two months as the new leader of Boston Private, Anthony DeChellis is bringing in one of his former Credit Suisse colleagues to lead expansion efforts at the company.
The recent divestiture in wealth management subsidiaries could free up capital for future acquisition opportunities, while staff reductions were an attempt to make up for slow growth, Boston Private executives said on an earnings call last week.
State Street Bank and Trust Company broke away from the pack this year, adding a huge amount of assets to its business to grab a commanding lead in market deposit share in Massachusetts.
After 20 years with the company, George Schwartz is retiring from Boston Private.
In the second quarter of this year, the wealth management division of Boston Private had net flows of negative $77 million, despite record levels of new business flows at $449 million in assets under management.
The parent company of Boston Private reported profits in the second quarter, but took a substantial hit that was expected due to its recent divestiture of Anchor Capital Advisors, while also facing significant deposit competition.
When lawmakers reduced the corporate tax rate at the end of last year, it was supposed to open the flood gates for what had already been an extremely healthy economic climate. While tax reform is expected to yield long-term benefits, it has yet to translate into the increased loan demand
The parent company of Boston Private opened 2018 with a strong first quarter, but continues to closely watch deposit betas and the performance of its wealth division as key indicators for how the company will perform throughout the rest of the year.
After the sale of its ownership stake in Anchor Capital Advisors and a one-time write down that most banks are taking due to tax reform, Boston Private Financial Holdings reported a net loss of $18.3 million in the fourth quarter of 2017, following three straight quarters of double-digit net income.
Boston Private Financial Holdings said Wednesday it will sell its entire ownership stake in Boston-based Anchor Capital Advisors, one of its wealth management subsidiaries that manages over $9 billion in assets, in an effort to refocus its business.
Investors honed in on operating expenses for Boston Private Financial Holdings, the parent company of Boston Private, after the company reported higher than expected expenses in the third quarter.
Greatly improved credit quality that exceeded expectations helped Boston Private Financial Holdings, the holding company of Boston Private, to $23.4 million in net income for the second quarter, an increase of $7 million from the second quarter of 2016.
A newly formed commercial banking firm lead by former Boston Private CEO announced today that it will buy Admirals Bank in a deal expected to close early next year.
Boston Private Financial Holdings posted second quarter income totaling $16.4 million, compared with $18 million in the prior quarter and $17.6 million in the year-ago quarter.
