Revenues rose 11 per cent year-over-year at Boston Private Financial Holdings, to $78.3 million, boosted by growth in fees at its wealth management and private banking businesses

Net income also rose, hitting $14.5 million compared to $1.1 million for the same quarter 2010.

Breaking down the revenue figures, net interest income was $46 million, while total fees from investment management, trust, wealth advisory and private banking combined were $27.9 million – up 8 per cent from a year ago.

Meanwhile, operating expenses rose 10 per cent to $62.5 million, up from $56.7 a year earlier. This included a restructuring charge of $4.3 million, as the firm unified its four banks into a single private bank.

“We consummated the merger ahead of schedule, we have installed a single integrated management team, we are expanding our client service capabilities across our four major private client markets,” said Clayton Deutsch, chief executive and president.

Assets under management and advisement were flat on a consecutive basis, but rose 16 per cent from 30 June 2010. In terms of net asset flows over the quarter, Boston Private saw net outflows of $150 million, as compared to $36 million of net inflows in the prior quarter.