GeoWealth, a technology and turnkey asset management platform (TAMP), has expanded its services by purchasing US-based First Ascent Asset Management.

With headquarters in Denver, Colorado, First Ascent provides financial advisors and their clients with outsourced portfolio management services.

The deal allows GeoWealth to cater to registered investment advisors (RIAs) of different sizes and multi-office firms in addition to boosting its presence in the enterprise technology space.

It also helps the firm to offer tailormade and user-friendly services to the advisors and their clients.

The acquisition, whose financial terms were not divulged, will see the creation of an entity with more than $20bn in total assets.

Under the deal, First Ascent will retain its brand identity and will operate as an independent subsidiary of GeoWealth.

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First Ascent will also migrate its operations to the GeoWealth platform.

In the upcoming months, both firms will explore new opportunities to offer additional services to their common clients.

GeoWealth president and CEO Colin Falls said: “This acquisition represents a natural alignment between two companies that believe that a tech-forward approach is the way of the future and are unified in their mission to modernize the TAMP business model for the benefit of advisors and their clients.

“By combining GeoWealth’s robust technology with First Ascent’s full-service approach, we’re able to serve the broader community of independent advisors.

“Whether it’s a breakaway firm or a multi-billion-dollar RIA, we can provide a seamless experience that allows them to provide best-in-class client service and scale their businesses on their own terms.”

The latest deal follows an announcement made in June last year about the integration of GeoWealth with financial technology firm Pontera.