Rhode Island-based Citizens Financial Group has agreed to buy Clarfeld Financial Advisors, a New York-based wealth management firm and multi-family office, for an undisclosed sum.

The Clarfeld team includes CFAs, CPAs, attorneys and CFPs, who cater to HNW and UHNW customers. The business reported around $6.6bn of assets under management and nearly $900m of assets under administration at the end of September 2018.

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On a combined basis, Citizens Bank Wealth Management and Clarfeld will manage $34.1bn in assets.

Citizens Bank Wealth Management president and CEO John Bahnken said: “The Clarfeld acquisition provides a unique opportunity to accelerate our strategy of building a highly competitive wealth management business that is well-positioned to offer a comprehensive range of wealth management and banking services to existing and future clients.”

The deal is expected to be completed later this year or in early 2019, subject to regulatory nod.

Following deal completion, Clarfeld will operate as a division of Citizens Bank Wealth Management but will retain its existing brand.

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As part of the deal, Clarfeld founder and CEO Robert Clarfeld will assume the role of CEO at the new division.

“Citizens shares our deep commitment to delivering exceptional client-centric wealth management services. I am excited about leading the build-out of our combined private wealth platform. With a broader range of products and services, we will be well-positioned to provide an exceptional value proposition to existing and future clients,” Robert Clarfeld stated.