Boston Private Financial To Sell RINET To Managers

BOSTON (AP) — Boston Private Financial Holdings Inc. said Thursday it is selling RINET Co. to RINET's management team.

Based in Boston, RINET is a wealth advisory firm catering to very high net worth clients and their families.

The transaction is not expected to have a material impact on Boston Private's earnings or its financial position.

The deal will allow Boston Private to reallocate resources toward the growth of its other affiliates, said Jay Cromarty, CEO of the company's wealth advisory and investment management business.

Brian Rivotto will remain president and CEO of RINET and the firm's management and personnel will not be changed.