Pennsylvania-based private equity firm Rosemont Investment Partners has bought a minority stake in Cleveland-based institutional and wealth advisory business Hartland for an undisclosed amount.

Hartland offers traditional as well as discretionary investment consulting services to retirement plans, endowments, foundations, healthcare organisations, along with wealth management services for private clients, and currently manages around $18bn in assets.

The firm, which employs 72 staff, has offices in Cleveland, Columbus, Portland and New York.

The latest deal is part of Hartland’s strategy to shift ownership of the company from founding to employee owners.

Overall, 28 employees secured ownership shares in Hartland as part of the deal, increasing employee shareholding in the firm to a significant majority.