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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Norfolk Spotlight: Needham
IN PERSON
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Ronald McLean was hired earlier this year as president and CEO of the Cooperative Credit Union Association, a trade group that represents credit unions in Massachusetts, Rhode Island, New Hampshire and Delaware. McLean comes to the CCUA from the New York Credit Union Association, where he began working as a financial analyst when he was 24 years old.
WEEK OF MONDAY, JUNE 10, 2019
BANKING & LENDING BY THE NUMBERS
W E A LT H M A N A G E M E N T
33 percent Boston Private Bank wants to grow its assets under management by 33 percent by 2022. See Bram Berkowitz’s story on this page. Source: Anthony DeChellis
BOSTON PRIVATE
SETS AMBITIOUS GROWTH PLAN
$3.78 million The mortgage on the third-most expensive property in this week’s Gossip Report. See page 9. Source: The Warren Group
5.84 percent The share of the mortgage market held by Quicken Loan Inc. in Norfolk County. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
BY BRAM BERKOWITZ BANKER & TRADESMAN STAFF
25 years
S
ince coming aboard at the end of last year new Boston Private CEO Anthony DeChellis has led a great deal of change at the company, including the hiring of an almost entirely new senior management team and the closing of a few small Boston Private offices. But he’s just getting started. DeChellis has recently unveiled an aggressive expansion plan that would see the bank triple its assets under management in its wealth management and trust division from roughly $16 billion now to about $50 billion by 2022. The plan also includes growing the bank’s private banking division 30 percent by 2022 and seeing the actual size of the bank grow from a roughly $8.4 billion in assets to $11.2 billion. To achieve this, Boston Private plans to hire 100 financial advisers over the next three years, which would more than triple the number of total advisers it currently employs. “Registered investment advisers are the fastest growing segment in wealth management space,” DeChellis said. “Both advisors and clients are leaning toward smaller, more boutique firms.”
The new head of the CCUA spent 25 years at its New York counterpart. See In Person on page 8. Source: Ronald McLean
$160.7 million The mortgage provided by CBRE Capital Markets for an apartment complex sale in Framingham. See Week on the Web on page 2. Source: Middlesex Registry of Deeds
12 Boston Private wants to hire 10 to 12 teams of skilled financial advisors a year. See Bram Berkowitz’s story on this page. Source: Anthony DeChellis
$13.4 billion A bill before Congress gives HUD programs $13.4 billion more than the president’s fiscal 2020 request. See Rachel Heller’s and Christopher Norris’s column on page 10. Source: The Warren Group’s Marketshare Module
Continued on Page 9
2021 The completion date for fintech incubator MassChallenge’s new Seaport office. See Week on the Web on page 2. Source: MassMutual
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
R E V I VA L A N D R E D E V E L O P M E N T
GUEST COLUMN
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By James Sanna | Banker & Tradesman Staff
By Jay Nuss | Special to Banker & Tradesman
Roxbury Draws Attention Banking on the Beyond Community Developers Right Location
Commercial Real Estate PAGE 7
Banking & Lending PAGE 10