Segall Bryant & Hamill, an Illinois-based investment management firm with around $12.4bn in assets, has agreed to acquire Colorado-based Denver Investments.

Denver Investments, an employee-owned investment firm, offers domestic equity and fixed income strategies as well as global and international equity strategies for institutional and wealth management clients.

The deal adds around $7.3bn in assets to Segall Bryant’s books. The merged group will operate under the Segall Bryant & Hamill (SBH) brand.

Westcore Funds, managed by Denver Investments, will become part of the SBH mutual fund as part of the deal.

SBH CEO Philip Hildebrandt said: “This acquisition represents an opportunity to bring together two culturally aligned organizations with complementary investment capabilities. The union will allow us to deepen our investment talent and broaden our investment offerings, geographical presence, client service, and distribution capabilities.”

The transaction, whose financial terms were not disclosed, is anticipated to be wrapped up in the second quarter of 2018.

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