Santa Barbara, California-based RIA Mission Wealth has acquired Chicago-area peer AHC Advisors for an undisclosed sum.

The deal adds around $500m in client assets to Mission Wealth’s books.

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Founded in 1995 by Craig Larsen, AHC act as a fiduciary to pension funds, individuals, and business owners. The firm specialises in personalised financial planning as well as investment consulting services.

The addition of AHC team expands Mission Wealth’s existing Chicago footprint. It will also allow the company to cater to its clients in the Midwest more effectively.

Larsen said: “We are excited to join Mission Wealth, as they have the very same values. By joining Mission Wealth we will have access to even more resources to further elevate the service our clients receive. Mission is a rapidly growing, top-tier firm, and we are looking forward to helping Mission continue their expansion.”

Larsen, AHC owner and senior wealth adviser Jorie Pitt, and client service representative Christy Wempe will join Mission Wealth along with the rest of the AHC team.

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Mission Wealth president and managing partner Matthew Adams said: “Our lens for mergers and acquisitions has and always will be focused on the talented advisers and support personnel that join our firm.

“Over the years, we have gained invaluable experience in the merger process and, as we embark upon our largest acquisition yet, I expect a smooth and transformative process for us all.”

Mergers and acquisitions have been rampant in the US financial services space lately.

Earlier this month, Canadian wealth manager CI Financial expanded its reach into the New York market by agreeing to take full control of The Roosevelt Investment Group – a $2.7bn RIA.

Moreover, Victory Capital recently agreed to acquire certain assets of US-based equity manager THB Asset Management.