Boston Private Financial has agreed to sell its entire ownership interest in Bingham, Osborn & Scarborough, or BOS, in a transaction that will result in BOS becoming majority owned by members of its management team. As part of the transaction, Kudu Investment Management, a New York-based provider of passive, long-term capital to asset and wealth management firms, will acquire a minority interest in BOS alongside management. Boston Private will receive approximately $21M of cash at closing and an eight year revenue share. Boston Private currently estimates that the financial impact of the transaction will result in a pre-tax gain of approximately $18M and a related tax expense of $3M-$4M. The net financial impact will increase Tier 1 Common Equity by approximately $33M. The financial impact will be recorded at the time of closing, which is expected to occur in Q4. BOS had approximately $4.7B of AUM as of September 30 and accounted for approximately $17.4M of revenue in Boston Private's Wealth Advisory segment, $11.9M of operating expense, and $2.1M of net income attributable to noncontrolling interests in Boston Private's financial results during the first nine months of 2018.