Steward Partners has closed the $3.4bn acquisition of Umpqua Investments, the wealth management unit of Umpqua Bank.

Following the closure of the deal, the acquired entity has been renamed to Steward Partners Investment Solutions.

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The deal, which was first announced in September 2020, marks Steward Partners’ planned expansion into the Pacific Northwest.

It adds 22 financial advisors managing $3.4bn in client assets generating $15m in revenue and brings the company’s total client assets to over $22bn.

Commenting on the development, Steward Partners CEO Jim Gold said: “Our goal since launching Steward Partners has been to build a company with a nationwide presence.

“With the closing of our acquisition of Umpqua Investments, we’ve established a firm foothold on the West Coast and look forward to building further on that momentum.”

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The clients of Umpqua Wealth Management will now be part of Steward Partners, which has an ongoing referral partnership with Umpqua Bank.

Steward Partners Global Advisory president and COO Hy Saporta added: “This acquisition represents a major step forward in our long-term goal of positioning Steward Partners as the destination of choice for established advisors who want to grow their own businesses while being part of a much larger entity.

“The advisors joining Steward as part of the Umpqua Investments team share our vision of the future and come from a culture that aligns with our own.”

Last August, Steward Partners expanded its national presence by setting up a new office in Conshohocken, Pennsylvania.

In 2019, the firm established a new office in Austin, marking its third location in Texas after Houston and Dallas.