The Mather Group (TMG), an Illinois-based wealth manager, has expanded its national footprint with the purchase of fiduciary-only firm Barnett Financial.

TMG calls Barnett, which offers financial planning and portfolio management services, a great fit.

The acquisition of Austin-based Barnett adds $193m to TMG’s books, increasing the acquirer’s assets to more than $3.9bn.

The takeover offers TMG its third office in Texas. Financial terms of the transaction were not revealed.

Barnett president Laura Barnett Lion said: “We’ve sat down with many potential buyers and The Mather Group’s innovative technology, in-house tax capabilities and next-generation staff provided the most impressive wealth management platform we saw.”

TMG offers a range of services such as tax preparation, tax advice, portfolio management, concentrated stock management, estate planning to HNW clients.

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The firm has been on a buying spree in recent years and continues to implement its 2020 strategic growth goals despite turbulent market conditions.

Some of the businesses acquired recently by TMG are Daniel Advisors with $110m in AUM, and RPH Financial Services with $168m in AUM.

Commenting on the latest purchase, TMG founding partner Stewart Mather said: “We’re looking forward to launching our Austin office with the help of Laura Barnett Lion and Christopher Lion’s leadership.

“Their team’s deep financial planning experience will bring incredible intellectual capital to TMG, and their fee-only approach aligns with our culture.”