US-based Citizens Financial Group has reached a definitive agreement to purchase select assets and liabilities of Paladin Advisors for an undisclosed sum.

The deal is expected to extend Citizens’ reach as well as bolster its wealth management business.

Subject to customary closing terms and conditions, the deal is scheduled to be completed by third quarter of this year.

Following the completion of the deal, Paladin Advisors will join Clarfeld | Citizens Private Wealth.

Paladin Advisors CEO Karen Parker Feld said: “Guided by a philosophy of accountability, transparency and consultation, Paladin prioritises careful investment management and comprehensive financial advice for discerning clients who are looking for personalized wealth management services.

“We will expand upon that mission with Citizens, bringing additional services to clients, a difficult-to-replicate value proposition for any independent advisor.”

With headquarters in Kensington, New Hampshire, US, Paladin Advisors is an independent, registered investment advisor.

Citizens Wealth Management head Chris Weyrauch said: “This acquisition will strengthen our wealth management business, as we gain additional reach and Paladin’s fresh asset allocation investment strategy, which complements our established approach”

“We’re excited to welcome such a talented team and have them join our well-regarded, fast growing wealth management platform.”

Last month, Citizens Financial Group said that that it had completed a previously announced deal to buy DH Capital, which is a private investment banking firm.

DH Capital primarily serves companies involved in the fields of internet infrastructure, software as well as next generation IT services and communications sectors.