The 2002 Globe 100
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5. B O S T O N P R I V A T E
F I N A N C I A L H O L D I N G S C O.
Branching out from N.E. across the US
oston Private moved far beyond its New England roots last year with a pair of acquisitions in California, and chief executive Timothy Vaill said he isn't done yet.
The parent company of Boston Private Bank has long catered to the financial needs of wealthy clients in and around Boston. It offers financial planning, private banking, and investment management for upper-incomers in a region that has more people in that category than most other parts of America.
Vaill, though, said Boston Private has identified similar concentrations of potential clients not only in Northern California, but in the Pacific Northwest, New York City, Atlanta, Denver, Dallas, and parts of Florida.
In each area, he said, he is looking for financial planning, private banking, or money management firms to buy.
"We're growing here in New England," Vaill said. "But we've also identified these other eight to 10 markets where the demographics are largely similar. Our future is both here and in those other regions."
Boston Private initiated the process by picking off Borel Bank & Trust Co., a private bank in San Mateo, Calif., and a Silicon Valley money manager, Sand Hill Advisors. Vaill said the plan is for Boston Private to find a financial planning firm in California to complete its package there, before turning its focus to the other markets.
Boston Private is fifth on The Globe 100 growth list.
Both sales and profits at the company grew at about 30 percent per year over the last two years.
SCOTT BERNARD NELSON