Minnesota-based wealth manager Wealth Enhancement Group has signed an agreement to acquire hybrid advisory firm BPU Investment Management. The deal value was not divulged.

Established in 1985, BPU Investment Management operates as a financial advisory and investment firm with $990m in AUM.

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Primarily, the company offers wealth management, brokerage and asset management services. Its portfolio also includes a retirement plan consulting business and personal financial education services.

BPU Investment Management operates three offices around Pittsburgh region in Pennsylvania. The firm employs 19 people including 13 financial advisers.

Wealth Enhancement Group CEO Jeff Dekko said: “BPU Investment Management has a strong track record of delivering for the individuals, families and institutions it serves, and we are excited that they will be joining forces with us to deepen the relationships they have built with their current clientele and extend their services to new clients in the Western Pennsylvania region.”

The BPU Investment Management deal is slated to close on 1 March 2020.

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Once complete, this will be Wealth Enhancement Group’s 15th acquisition in the last six years and will increase its office count in the country to 31.

Founded in 1997, Wealth Enhancement Group provides financial planning and investment management services to clients across 40 US states.

As of 30 November 2019, the company had nearly $15.1bn in client brokerage and advisory assets.

This year, the Minnesota-based wealth manager acquired RCL Advisors, AEPG Wealth Strategies, Planning Solutions Group, Wiley Group and Summit Planning Group.

In June, Wealth Enhancement Group was itself acquired by TA Associates.