New York-based wealth manager and insurance broker NFP has agreed to buy Bronfman E.L. Rothschild, a Maryland-based RIA with nearly $6bn in assets, for an undisclosed sum.

Bronfman caters to HNWIs, families, institutions as well as retirement plans.

The business employs more than 100 people across 10 offices.

Under the agreement, Bronfman will be folded into NFP subsidiary Sontag Advisory post deal completion.

Together, the companies will manage around $10bn in assets.

It will serve individual and institutional clients.

A new branding strategy is expected to be unveiled later this year.

Bronfman president and COO Mike LaMena said: “We share similar cultures and believe this combination will positively impact both firms and, most importantly, our clients.”

LaMena will assume the role of CEO of the combined group.

Sontag chairman Howard Sontag will chair the merged entity.

Sontag president and COO Eric Sontag will continue in the same role at the group.

The deal, which is pending regulatory approval, is expected to complete in the second quarter of this year.

Howard Sontag noted: “We are pleased to welcome Bronfman Rothschild to Sontag and the NFP family.

“Since our initial contact, it was clear that their focus on comprehensive personalised and consultative wealth management services aligns remarkably well with our client-centric business.”

The latest deal comes almost three years following NFP’s sale of a majority stake in its NFP Advisor Services unit to Stone Point Capital.

NFP Advisor Services was then rebranded as Kestra Financial.

Last month, Stone Point offloaded a majority stake in Kestra to Warburg Pincus.