Pennsylvania-based asset manager FIS Group has agreed to acquire Piedmont Investment Advisors, an institutional investment firm based in North Carolina, for an undisclosed sum.

Piedmont will become a wholly-owned subsidiary of FIS upon deal closing. The merged entity will manage over $10bn in assets.

The two firms will retain their existing clients and will continue to work from their existing locations.

FIS CEO and CIO Tina Byles Williams said: “We are delighted to join forces with the investment professionals at Piedmont to become an even stronger multi-asset management firm, offering clients investment solutions across the efficient market frontier spectrum.

“This union expands our abilities to construct and manage investment strategies and solutions that will be accretive to our collective clients’ specific needs.”

The deal is expected to be wrapped up in the third quarter of this year, subject to required approvals.

FIS president and COO McCullough Williams said: “Combining forces enables both firms to offer a full complement of equity (active and passive), fixed income (active), US, non-US and global strategies.”

Piedmont focuses on active, passive and structured beta equity and core fixed income management, while FIS offers global and non-US strategies. Piedmont’s assets under management are expected to reach $4.7bn at the end of June 2018, while FIS reported around $5.6bn in AuM at the end of April 2018.