Banyan Partners to buy Silver Bridge, boutique wealth management firm with Hub office

Banyan Partners LLC said it has agreed to acquire Silver Bridge Advisors LLC, a boutique wealth management firm based in Boston and San Francisco.

Financial terms of the deal were not disclosed, Banyan Partners said in a press release.

Headquartered in Palm Beach Gardens, Fla., Banyan Partners is a national, independent investment advisor. At the close of the transaction, Banyan will have eight offices located around the US and 70 employees.

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Silver Bridge chief executive R. Thomas Manning Jr. will assume the role of chief investment officer for the combined organization, which will be known as Banyan Partners.

“The acquisition of Silver Bridge presents an attractive opportunity for us to broaden our wealth management and family office capabilities while expanding our national footprint,” Peter J. Raimondi, founder and CEO of Banyan Partners, said in a statement. “Silver Bridge’s multi-family office in San Francisco, Calif., gives Banyan its first West Coast branch. Having deep roots in the Boston area, I’m especially pleased to increase our presence in this vibrant city.”

At one point, Silver Bridge was known as Hale and Dorr Wealth Advisors. (Hale and Dorr is a Boston-based law firm now known as WilmerHale.) In 2008, Hale and Dorr Wealth Advisors rebranded itself as Silver Bridge Advisors with a new ownership structure.