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Portfolio > Alternative Investments > Hedge Funds

Boston Private Plans Purchase of Dalton Greiner

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BOSTON (–Boston Private Financial Holdings, a high-net-worth management holding company, agreed definitively to buy 80% of Dalton Greiner Hartman Maher & Co., New York, for about US$75 million.

Dalton Greiner employees will hold the remainder. Dalton Greiner manages US$2.2 billion, the bulk of which is in small-capitalization equities and a small portion in a long/short equity hedge fund under the Enhanced Value name.

Though Dalton Greiner has US$2.5 million in the roughly one-year-old fund. Dalton Greiner executives view hedge funds as a growth area for the business, said Bruce Geller, a partner at the firm.

Mr. Geller and the rest of the firm’s management, Tim Dalton, Ken Greiner and Steve Bruno, will remain with the company under five-year employment contracts, according to Boston Private. Moreover, the final purchase price is contingent upon the company’s performance over that period.

Boston Private, last year purchased a 26% stake in Coldstream Capital Management Inc., Bellevue, Wash., which is expanding into hedge fund management, too. Coldstream, a manager of US$400 million, unveiled its first hedge fund of funds in August and has been an investor in hedge funds since 1994 Previous HedgeWorld Story

Boston Private and its affiliates manage US$6.8 billion. The firm trades on Nasdaq.

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