Financial services provider Equitable has purchased US-based Penn Investment Advisors (PIA) for an undisclosed amount.

A subsidiary of Penn Community Bank, PIA offers registered investment advisor services.

PIA currently has $600m in assets under administration (AUA) and offers services to 950 customers.

The latest deal is part of Equitable’s strategy to further expand its wealth management business, Equitable Advisors.

With $70.8bn AUA until 30 June this year, Equitable Advisors employs around 4,200 financial executives to provide individuals, families and small to medium-sized businesses with various support that involves life goals, business goals, family situations and others.

The new deal, which is set to be completed in the fourth quarter of this year, marks Equitable’s second strategic collaboration with an institution in Philadelphia.

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Equitable Advisors chairman David Karr said: “Equitable’s value proposition for RIAs and wealth management firms resonates loudly in the marketplace.

“We will continue to focus on growing organically and through strategic acquisitions as part of our robust growth strategy.”

Following the completion of the latest deal, Equitable Advisors Philadelphia co-head David Fleisher will supervise the new entity. 

The deal will also see PIA’s management, including president Christian Wagner, chief operating officer Sean Schmid, and the company’s financial advisors team joining Equitable.

The leadership will continue to offer wealth management and -advisory services to customers of both PIA and Penn Community Bank.

Wagner said: “Navigating a complicated, ever-changing investment landscape gets much easier when you have the right financial partner on your side.

“It was critical for us to partner with a wealth management firm with a client-first culture that could provide a seamless transition for our clients and advisors at Penn Investment Advisors.”

In March this year, Equitable announced that its subsidiary AllianceBernstein had reached a deal to buy global private alternatives investment manager CarVal Investors.