Accounting and consulting firm BDO USA has agreed to acquire LBA Wealth Management, a Florida-based fee-only investment advisory firm, to bolster its wealth advisory practice.

Jacksonville-based LBA manages $350m in assets, and employs seven professionals. The takeover of the firm will boost BDO Wealth’s assets under management to $700m.

The deal is expected to close on 1 April 2017, subject to customary closing conditions. LBA Wealth Management managing partner David Albaneze will join BDO Wealth Advisory as managing director for Southeast region as part of the deal.

BDO USA Wealth Advisory Services national leader Steve Parish said: “I want to welcome Dave Albaneze and his staff to BDO. LBA’s experience working with high-net worth clients in Jacksonville, Gainesville and throughout North Florida, combined with our previous expansion in South Florida last year, greatly increases our wealth management resources in the state of Florida.

“Florida will serve as a stronghold for the continued expansion of our Wealth Advisory practice throughout the Southeast.”

The latest deal comes after BDO USA acquired Jacksonville-based accounting firm LBA Group in November 2016. Both LBA Wealth Management and LBA Group will now cohabitate in BDO’s offices in Jacksonville.

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