Private equity eyes investment advisor Westfield Capital

The Boston-based investment advisor went up for sale in the spring, sources said. Sandler O’Neill + Partners LP is advising, they said.

Westfield provides investment management services to institutions and wealthy individuals. The firm had $16.9 billion in assets under management as of June 30. Westfield was previously a unit of Boston Private Bancorp Inc. In 2009, Boston Private sold Westfield to company management for $59 million in cash proceeds.

The process is in the late stages and a winning bidder could be announced soon, sources said.

Westfield could sell for $300 million to $400 million, two of the sources said. It’s unclear who is bidding. Other Boston asset managers were expected to be interested in Westfield, including Natixis and Old Mutual. Private equity firms also were seen as potential bidders for Westfield, sources said.

Westfield and Sandler O’Neill could not immediately be reached for comment.

Another asset management deal, the sale of RS Investments, is expected to hold a third round, two bankers said. Bidders including RidgeWorth Investments, Victory Capital, Virtus Investment Partners and Victory Capital have been vying for RS. DoubleLine Capital also is bidding to buy RS, which was put up for sale by Guardian Life Insurance Company of America earlier this summer, Reuters said. Second round bids were due August 14, Reuters reported.