US-based asset manager National Holdings has agreed to buy investment adviser and broker-dealer Winslow, Evans & Crocker.

Financial terms of the deal were not revealed.

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Winslow was set up in 1991. Headquartered in Boston, Massachusetts, Winslow manages more than $2.5bn in assets.

The business has over 50 financial professionals. Among these professionals are certified financial planners, investment adviser representatives, financial consultants, as well as brokers.

Winslow chairman Tina Maloney said: “National shares our culture and commitment to our clients and we believe this acquisition is a natural combination that delivers superior and immediate value to National and Winslow.”

The transaction is pending regulatory nod, with completion anticipated in the first fiscal quarter of 2020.

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National expects the deal to add to its gross and adjusted EBITDA margins.

Commenting on the takeover, National chairman and CEO Michael Mullen said: “Our businesses share many key values, importantly sharing in the ‘Client-first’ culture and we believe the Winslow professionals and clients will benefit from National’s larger and broader solutions platform.

“This acquisition aligns well with our corporate goals and is a strong strategic and cultural fit. We look forward to expanding our presence in the Boston area and are pleased to be doing so with such a like-minded firm.”