Wealth advisory group Sanctuary Wealth has acquired NorthView Asset Management for an undisclosed sum.

Based in Austin, Texas, NorthView marks Sanctuary’s first RIA acquisition. The takeover adds $280m in assets to Sanctuary’s books, taking its total AuM to $9bn.

Set up in 1998, NorthView is spearheaded by Richard Williams and includes Lynn Skarren, Steven Sutton and Michael Janak in its executive team. The firm caters to individual and institutional clients.

Commenting on the acquisition, Williams said: “We are thrilled to be a part of Sanctuary Wealth and honoured to be the first firm to join through acquisition.

“Through our partnership with Sanctuary, we recognise that we are deepening firm resources and enhancing offerings for our clients through the Partnered Independence model.”

Sanctuary founder and CEO Jim Dickson said: “Today we are pleased to announce our presence in the M&A space with the addition of a terrific team.

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“NorthView Asset Management has been a respected business for more than 20 years and was an obvious choice to be our first acquisition. They are a successful firm that is in growth mode and they fit the profile of adviser we look to attract here at Sanctuary.

“We are delivering on our business plan of going to market with a barbell approach to working with advisers: launching breakaways and being the ultimate destination for existing RIAs. How we execute in M&A will be different than other participants in this space.”