The Colony Group, a Massachusetts-based financial advisory firm with around $7.5bn in assets, has acquired Bridgewater Wealth & Financial Management and Blue Water Advisors.

“The merger is a natural transition, as colleagues from the two firms have been collaborating for years as partner firms of Focus Financial Partners, a carefully selected partnership of over 50 leading independent, fiduciary wealth management and financial services firms in the United States and abroad,” The Colony Group said in a statement.

Bridgewater Wealth was set up in 1996 by Ron Rubin, who will now serve as vice-chairman and managing director of Mid-Atlantic region at The Colony Group. It manages $1bn in assets and has offices in Bethesda and Easton, Maryland.

Blue Water Advisors was established in 2001by Max Haspel, who will now become managing director and senior wealth adviser at The Colony Group. It oversees around $500m in assets.

The Colony Group chairman and CEO Michael Nathanson said: “We have found time and again that our merger partners add enormous benefits, starting with talent and specialized expertise, and including deeper investment, technological, operational, and other capabilities. We expect Bridgewater Wealth and Blue Water Advisors to enhance how we serve our clients.”