Boston Private's involvement with the firm goes back about 14 years.

Bingham, Osborn & Scarborough, the San Francisco-based wealth advisor, is buying back majority ownership from Boston Private, the firm that has bought a number of such businesses.

When the transaction is completed, B|O|S’s principals and founders will own about 68 per cent of the company, up from their previous 38 per cent ownership stake. The remainder of the business will be owned by Kudu Investment Management, a New York-based firm investing in wealth managers.

B|O|S manages about $4.7 billion in client assets as of September 2018.  

The transaction is expected to close later in the fourth quarter of 2018 and is subject to obtaining client consents and customary closing conditions.  

The deal means a turn in Boston Private’s strategy – in 2004 it bought its initial 20 per cent stake in the 23-year-old business, expanding its holding thereafter. Boston Private made a name for acquiring wealth businesses in the past. For example, it bought Banyan Partners in 2014 (that business was created by prominent wealth management figure Peter Raimondi, whom this publication recently interviewed.)

"The repurchase of the company by our management aligns perfectly with our long-term vision for the firm as well as our entrepreneurial spirit," managing principal, Kevin Dorwin, said.

The firm's existing management committee, which is comprised of current B|O|S principals Carol Benz, Kevin Dorwin, Jennifer Ellison, Richard Golinski, and Aaron Waxman, will take over as the firm's new board of managers.  All Principals and employees will remain in their roles.