AssetMark, a California-based turnkey asset management provider, has agreed to buy Florida-based RIA Global Financial Private Capital for an undisclosed sum.

Established in 1991, Global Financial offers investment solutions, practice management guidance, and business consulting services to advisers. The firm has more than 300 advisers.

AssetMark, which too offers investment and practice management solutions, reported more than $46bn in assets under management at the end of July 2018.

The takeover, expected to be wrapped up by the end of 2018, will add $5.7bn in assets to AssetMark’s books.

The deal will offer Global Financial advisers access to AssetMark’s investment solutions and custom HNW solutions suite along with its planning and analytic tools.

AssetMark president and CEO Charles Goldman said: “AssetMark is dedicated to building deep relationships and making a difference in the lives of both advisers and their clients, and this transaction allows us to help even more valued advisers realise their dreams of running great businesses and helping investors achieve their goals.

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“Our firms share the same core values and we have an incredible alignment of focus that will benefit the adviser community.”

Global Financial CEO Michael Bell added: “The Global Financial team is looking forward to working closely with AssetMark to integrate our platforms and providing our advisers with a market-leading foundation that is proven to help independent advisers grow and prosper.”