One Charles Private Wealth Services, a partner firm of Focus Financial Partners, has agreed to acquire wealth manager TMD & Associates.

Arizona-based TMD caters to wealthy clients including business owners, corporate executives, and professional athletes.

The business was set up by Todd Douma in 1994.

Douma said: “Part of TMD’s mission is to truly make a difference in people’s lives.  This includes our clients, our employees and our community.

“One Charles shares this kind of vision and we see huge value for all our stakeholders in creating a deep bench of like-minded people that share a common passion.”

The deal is said to One Charles’s first since joining the Focus partnership in 2017.

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According to Focus, the acquisition provides One Charles a scalable presence in the Southwest region.

One Charles founding principal Paul Squarcia said: “This opportunity is consistent with our strategy of expanding our investment management services on behalf of our clients.

“This is a strategic move that gives our firm a footprint on both the East Coast and West Coast, enhancing our ability to attract new clients and employees through a deeper product offering while also ensuring business continuity.”

The deal is anticipated to be completed in the third quarter of this year.

Financial terms of the transaction were not disclosed.