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Boston Private boss Thompson to retire

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Mark D Thompson (pictured), President of the Boston Private Financial Holdings and and Chief Executive Officer of Boston Private Bank & Trust Company is retiring at the end of the year.

Thompson will stay on as CEO of the Bank and President of the Company, and continue to serve on the boards of both entities, until year-end.
 
“In the course of my 21 years with the Bank, and the past five years as an executive with the Company, we have made enormous strides in completely transforming our business,” says Thompson. “When I started with the Bank, it had USD100 million in assets, one office and no investment management capabilities at all. The Bank now has over USD7 billion in balance sheet assets, 34 offices, and a wholly owned wealth management subsidiary of the Bank with approximately USD8 billion in assets under management. More important than these numbers, however, are our people. I believe we have the very best professionals anyone could ask for in our industry, as well as an amazingly high caliber client roster. It is because of my confidence in our employee base that I feel I can step away from my current role and pursue other facets of my life that I have left unattended while building the Bank.”
 
Clayton G Deutsch, CEO of the Company, says: “Mark has been a valuable partner to me since I joined our Company in 2010, and has been instrumental in our work to position Boston Private for long term health and success. He and I together have worked very hard to advance our integrated Boston Private Wealth, Trust and Private Banking model. On behalf of the Company and the Board, we all wish him the very best in his next chapter, and extend our deepest gratitude to him for his contributions. While Mark will be missed by all of us, I have great confidence in the breadth and depth of our leadership group and the strength of our professionals. Mark’s ultimate legacy is that he leaves behind tremendous people in our Company, with great core values and a strong culture.”
 
The Board has not yet named a successor to Thompson and is expected to take the remainder of the year to consider candidates.
 
Thompson adds: “While I recognise that there is still a lot more to do here at the Company, I also want to be able to try my hand at some other endeavours. I plan to stay in the area and will continue to be involved in the Bank as a member of the Advisory Board following my retirement at year end, while also focusing more on my charitable and community work.”

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