The management team of Westfield Capital Management Co. has gained ownership of the firm from Boston Private Financial Holdings Inc., making it 100 percent employee owned.

The move will help to ensure both the long-term stability of its senior management team and key investment personnel, as well as Westfield’s continued growth and success, according to a statement.

With the closing of the agreement, Westfield has completely redeemed BPFH’s interest in Westfield. In consideration for the redemption, Westfield paid BPFH approximately $58.5 million in cash, which was funded in part by senior management, with the balance being financed by third party lenders and through the issuance of a subordinated convertible promissory note to Lincoln Peak Capital Management LLC.

"Returning the firm to employee ownership will assist us greatly in attracting and retaining the best possible talent. This was an excellent time to complete this transaction, rather than waiting until 2014," said Will Muggia, president, CEO and CIO of Westfield. "This transaction is a solid endorsement of our confidence in our business and the exceptional talents of our people."

Lincoln Peak, a Boston-based private investment firm focused exclusively on investing in asset management firms, assisted Westfield in executing the transaction. In addition, BPFH will be entitled to payments from Westfield, for a period of eight years, equal to 12.5 percent of Westfield’s annual gross revenues.