Boston-based Anchor Capital Advisors announced on Wednesday a purchase that will allow it to regain majority ownership in itself.
Anchor Capital, a value-based asset manager and wealth management firm with $9 billion AUM, is purchasing a majority ownership stake of its company from Boston Private, a wealth management, trust and private banking firm.
After the transaction closes, Anchor Capital’s employees will own 70 percent of the company, compared to their current ownership of about 17 percent. The remaining 30 percent of the firm will be held by an affiliate of Lincoln Peak Capital, a Boston-based private investment firm.
Simultaneously, Anchor announced that founder and CEO Bill Rice Sr. will transition to an ongoing role as executive chairman. His son, Bill Rice Jr., will take on the CEO role while continuing as chief investment officer. Mark Bergen will become Anchor’s president while continuing as Anchor’s COO.
Anchor Capital anticipates that the transaction will close in the first quarter of 2018.