Coldstream Wealth Management has further expanded its Pacific Northwest presence with the acquisition of LWM Wealth Management. Financial terms of the deal were not disclosed.

The acquired entity Alaska-based wealth manager with around $170m in assets under management (AuM). It is owned by Roy Wells and Mark Griffin.

The firm offers investment management services to clients across Alaska, including high-net-worth (HNW) individuals, trusts and estates.

Following the deal, Coldstream will have 26 financial advisors, 122 employees and over $7bn in assets under management.

Coldstream managing shareholder Kevin Fitzwilson said: “Roy and Mark have built a vibrant independent practice over the years, thriving by providing an exceptional and customised wealth management experience to their clients.

“Their culture of service and integrity is a perfect fit with Coldstream’s core values, so we look forward to working together to support the hard-working people of Alaska’s investment and financial planning needs.”

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Under the agreement, LWM will operate under the Coldstream brand.

Wells, Griffin and LWM client services associate Michelle McGlasson will join Coldstream’s existing Washington team led by the company’s co-founder Roger Reynolds.

Commenting on the deal, Mark said: “Critical to our search for a new partner was making sure that the client-centric culture that Legacy has strived so hard to establish over the years remained intact.

“In selecting Coldstream, we’re confident that will happen, with the firm set to deliver enhanced resources that will both boost our ability to deliver a top service experience to our clients across the country and allow us to remain approachable and true to our Alaska roots.”

The deal comes on the heels of Coldstream’s recent acquisition of Paracle Advisors and Rosenbaum Financial. The firm also set up a new office in Boise, Idaho, recently.