Financial advisory firm Lazard Asset Management (LAM) has purchased US-based Truvvo Partners for an undisclosed sum.

Truvvo, which has $3.8bn of assets under management (AUM), currently provides families with strategic advice, wealth planning, and investment management services.

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The acquisition increases LAM’s wealth management AUM across the globe, including assets handled by the company’s European wealth management division to around $22bn.

It also sees the creation of Lazard Family Office Partners, which will manage nearly $8bn assets in total, including LAM’s current private client business in the US.

Lazard Family Office Partners will offer advice and investment services to both public and private markets.

The entity will further deliver its advice services across various segments, comprising wealth transfer, tax planning and philanthropy in addition to operational solutions, cash flow, and liquidity planning.

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It will combine both the firms’ investment management, risk management, and family office services into one solution to better serve the clients.

LAM CEO Evan Russo said: “Demand for sophisticated and innovative wealth management solutions is increasing as family offices navigate the ever-changing markets and economic environment.

“Both Truvvo and Lazard are committed to providing world-class investments and service to our clients.

“We believe this acquisition will position us to fully serve families, helping them to reach their financial and business goals and to build a lasting legacy.”

The latest development comes shortly after LAM announced the appointment of Larry Cohen as managing director and global head of technology & operations.