BOSTON (HedgeWorld.com)–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.