Raleigh, North Carolina-based Captrust Financial Advisors has agreed to buy South Texas Money Management (STMM), a San Antonio-based wealth manager.

The deal, whose financial terms were not revealed, adds $3.7bn in assets to Captrust’s portfolio.

Deal completion is expected next month.

Captrust founder and CEO J. Fielding Miller said: “The team from South Texas Money Management perfectly embodies the spirit and ambition that we envision for the future of CAPTRUST and we look forward to building on this firm’s impressive legacy in Texas for years to come.”

STMM has six offices located in San Antonio, Austin, Corpus Christi, Dallas, Houston, and Brenham/College Station. Its staff headcount is over 60.

Captrust already operates in Texas through branches in Austin, Houston, and Dallas.

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STMM partner and managing director Lance Lahourcade said: “Partnering with CAPTRUST allows the STMM investment strategy to carry forward under our local leadership with no disruption to the services our clients are accustomed to, and we are confident that this partnership is a wonderful opportunity for STMM clients, employees, and the communities we serve.”

Earlier this year, Captrust acquired Pennsylvania-based McQueen, Ball & Associates as well as Ohio-based Cornerstone Capital Advisors. The acquisitions of the two advisory firms added $2bn in assets to Captrust.