New York’s Silvercrest Asset Management Group has agreed to buy the entire assets of Wisconsin-based peer Cortina Asset Management.

A small-cap growth equity manager, Cortina was set up in 2004.

Cortina founding principal John Potter said: “With Silvercrest, our investment team will enjoy deeper research resources and greater scale.”

Initially, Silvercrest will make a $45m payment to Cortina.

Plans are also on to pay another $26m over the next four years.

The deal adds $1.7bn to Silvercrest’s books.

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Silvercrest chairman and CEO Richard Hough III said: “Silvercrest seeks to combine strong intellectual capital within a supportive partnership culture to benefit institutional and individual investors alike.

“We found terrific professionals at Cortina who are committed to their investment craft, to each other and to our partnership.

“We are excited to support their special talent and to further support and enhance their strategies in the marketplace, setting the stage for our next phase of growth.”

Silvercrest offers traditional as well as alternative investment advisory and family office services.

The business managed $19bn in assets at the end of December 2018.

Apart from New York, the firm has offices in Boston, Virginia, New Jersey, and California.

Earlier this year, Silvercrest acquired certain assets of California-based investment adviser Neosho Capital.