Savant Capital Management, an Illinois-based wealth manager, has expanded its regional footprint with the acquisition of Huber Financial Advisors.

Based in Lincolnshire, Illinois, Huber is an independent wealth management firm with a workforce of 28.

Its clientele includes pension and profit-sharing plans, HNWIs and charitable organisations, among others.

The firm, managing over $1.6bn in assets, will now merge with Savant.

The deal, whose financial terms were not revealed, is expected to close on 31 March 2020.

The merged group will have total assets of $8bn and more than 200 staff. With the amalgamation, Savant’s assets in Chicagoland would increase to $3.1bn.

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Huber owners will move their equity to Savant while some intend to raise their holding eventually.

Huber will integrate its leadership team into the executive team of Savant post deal completion.

Some Huber team members will serve as Savant owners, taking the number of employee-owners at the merged entity to more than 70.

Huber will operate under the Savant brand following deal closure. Its founder David Huber will become an adviser to Savant’s board of directors.

Savant CEO Brent Brodeski said: “Our firms share similar internal cultural and core values as well as parallel philosophies in servicing our clients and providing fiduciary excellence to them.”

Headquartered in Rockford, Savant currently manages over $6bn in assets. It provides investment management, financial planning, and family office services.

Last November, the firm snapped up Kingston Wealth Management Group.