SVB Financial Group agreed today to buy Boston Private Financial Holdings in Boston for $900 million in cash and stock.
It’s a big deal for SVB, which has earned a reputation over its 37-year history as a bank that’s friendly to startups, as well as venture and private equity investors. Boston Private, founded in 1987, has roughly $16.3 billion in assets under management, compared with SVB Asset Management’s $1.4 billion in related assets.
SVB, which formed its wealth advisory business in 2011, has been pushing more aggressively into wealth management for several years, hiring Yvonne Butler, who’d previously led wealth strategies …
