Waltham, MA / Wolfeboro, NH / Hampton, NH, February 16, 2010 – Ballentine Partners, LLC, formerly BF&Co, announced today that Perspecta Investments of Hampton, NH has become a minority investor in the firm. With offices in Wolfeboro, NH and Waltham, MA, Ballentine Partners is an industry leader in providing comprehensive financial advice to high-net worth clients. The firm serves over 100 families, overseeing in excess of $5 billion.
Perspecta Investments shares common ownership with Perspecta Trust, New Hampshire’s leading trust company, formed in 2007 by investors Paul Montrone and Paul Meister to take advantage of the state’s modernized trust laws. New Hampshire is now one of the country’s most desirable locations for wealthy families to place their assets as a result of favorable state tax rules combined with significant changes to the state’s trust laws. Since its formation in 2007, Perspecta Trust has seen its assets under supervision grow to over $1.5 billion.
Paul Montrone and Paul Meister, formerly Chairman and Vice Chairman, respectively, of Fisher Scientific, were instrumental in revolutionizing NH’s trust laws and turning the state into an attractive trust domicile for wealthy families. With this accomplished, they sought a robust multi-family office that could handle the complex financial planning and strategy needs of their clients.
Speaking for Perspecta, Paul Montrone stated, “For years, we have been impressed with Ballentine’s operations, not only seeing how well the company performs for its clients during prosperous times, but also especially so during this most recent challenging economic period. Roy has put together a management team and business model that are the envy of the industry. We are excited about the breadth of capabilities that Ballentine Partners will be able to bring to our clients.”
Ballentine Partners’ founder, Roy Ballentine stated, “We are delighted that Perspecta chose us as the multi-family office they want to use to serve their clients. We anticipate a high demand for their offering as well, as Perspecta is well-positioned to take advantage of New Hampshire’s trust laws, which are the most modern and trust-friendly in the country. In addition to our being excited about the growth potential that Perspecta’s investment brings, we are perhaps even more excited about what this means for our company. In a consolidating industry rife with news of mergers and sales to product organizations, Perspecta’s investment will allow us to access growth capital without sacrificing our independence. ”
In conjunction with this transaction, the firm changed its name to Ballentine Partners to highlight the firm’s deep senior management team and reflect the fact that management has actively transitioned to the next generation of leaders. The firm is looking forward to building on recent success following the launch of its Mill Street Investment Management division in 2009.
