Sanctuary Wealth has acquired an undisclosed minority position in Indianapolis-based EverNest Financial Advisors.

Financial terms of the deal were not disclosed.

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EverNest Financial has over $390m in assets under management. The firm provides financial planning and investment advisory services to high-net-worth (HNW) individuals and families.

It also caters to non-profits.

Additionally, EverNest specialises in assisting business owners and corporate executives to diversify their assets and prepare for a transition.

As part of the deal, EverNest managing partners Frank Esposito and Niki Woodworth will work with Sanctuary Wealth to grow their firm both organically and through the acquisition of other advisory practices.

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EverNest Financial Advisors managing partner Frank Esposito said: “We joined Sanctuary because of their demonstrated commitment to allowing independent firms like ours serve our clients in unique ways and also due to the considerable scale and expertise Sanctuary brings in terms of operational support, compliance, technology, and investment research.

“We also saw the opportunity to further enhance the services we are providing our clients with Sanctuary’s resources.”

Sanctuary Wealth chief growth officer Michael Longley added: “Our platform and all that Sanctuary has to offer was the genesis of Frank and Niki’s attraction to Sanctuary, but it was our commitment to their firm’s M&A growth that really sealed the deal.

“We’re tremendously excited to have them join Sanctuary as true partners and look forward to providing the resources and support that will help grow EverNest Financial Advisors into the substantial enterprise they envision.”

Last year, Sanctuary Wealth made a strategic investment in InnoVise Family Wealth Advisors, a multi-family office and advisory firm based in Los Angeles.

Last year, the firm also set up a new subsidiary called Sanctuary Global to service the Latin American market.