EP Wealth Advisors, a California-based RIA, has increased its AUM by more than $155m through the acquisition of Chandler, Arizona-based investment manager Providus Advisors.

The deal, whose financial details were not shared, is the firm’s second purchase in the Phoenix-area over the last 12 months.

Pathlight Investors was EP Wealth’s first acquisition in the Phoenix market. The deal increased EP Wealth’s AUM by over $230m and client base by more than 190.

EP Wealth president and CEO Patrick Goshtigian said: “Providus has earned and maintained a loyal client base through a deep commitment to delivering on clients’ financial goals, a philosophy that aligns with the EP Wealth approach.”

Providus offers investment management and financial planning for HNWIs and retirement plan services for small businesses.

As part of the deal, Providus founding partners Mike McGinley and James Dwyer will become vice president and partner at EP Wealth.

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“Joining EP Wealth will provide us with the strategic investment management and back-office tools we need to continue to grow and flourish,” McGinley noted.

Earlier this year, EP Wealth snapped up International Research & Asset Management and Guidant Wealth Advisors.

At the end of June 2020, EP Wealth managed over $7bn in assets.

The purchase of Providus is the firm’s 11th deal since taking a minority investment from Wealth Partners Capital Group in July 2017.