updated 1/19/2011 10:46:28 AM ET 2011-01-19T15:46:28

PALM BEACH GARDENS, Fla., Jan. 19, 2011 (GLOBE NEWSWIRE) -- Banyan Partners, LLC ( www.BanyanPartners.net ), an SEC-Registered Investment Adviser, announced today that it has acquired Colonial Wealth Management, an independently owned, wealth management firm located in Boston.

Peter Raimondi, Banyan Partners President and CEO, is dedicated to building one of the premier wealth and investment management firms in the country. "As we embark on a new year," stated Raimondi, "we continue to create a company with more depth, skill and advisory capacity through the addition of our next generation of wealth managers. We plan to be aggressive with our acquisition strategy as we look to acquire the best and brightest who share similar client centric cultures."

Raimondi is the former CEO and founder of the Boston-based firm The Colony Group, a 1983 graduate of Boston University School of Law and a graduate of Boston University.

Based in Palm Beach Gardens, Fla., the acquisition increases Banyan Partner's presence in Boston, allowing the $1 billion wealth management company to offer its unique, customized investment solutions to an ever-expanding customer base.

"We could not be more pleased to join the Banyan Partners family, which affords our clients immediate and broad access to the kind of customized, active management and hedging  strategies typically outside the reach of smaller asset managers," said Jay Carroll, new Managing Director and Principal at Banyan Partners and founder of Colonial Wealth Management.

All company executives and key employees will be absorbed as part of Banyan Partners. All programs, service offerings and strategies will also remain or be enhanced as a result of the merger. Terms of the agreement were not disclosed.

About Banyan Partners

Banyan Partners, LLC is a fee-only, SEC Registered Investment Adviser headquartered in Palm Beach Gardens, Florida, with regional offices in New York City, Boston, Atlanta, Memphis and Naples. Banyan provides clients with customized, disciplined and strategic investment portfolios combined with a comprehensive approach to wealth management.

The principals of Banyan have more than three decades of experience successfully providing wealth management services using complex investment strategies. Through the use of equity, options and fixed income investments, Banyan provides each client with a customized asset and sector allocation that results in a tailored portfolio best suited to their specific investment goals. For more information, visit: www.BanyanPartners.net .

About Colonial Wealth Management

Colonial Wealth Management is a boutique Investment Advisor and Financial Counseling firm that manages more than $100 million in assets. It was founded by Jay Carroll, a graduate of Boston College and The College of Financial Planning, and is a fellow of the Life Underwriters Council. Carroll and his team will be joined by Boston-based Banyan Partners Managing Director David Costigan.

CONTACT: Patrick E. Tylander, Chief Operating Officer
         Banyan Partners
         561-630-4600
         ptylander@banyanpartners.net

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