US-based wealth management firm The Mather Group (TMG) has announced the acquisition of Semita Asset Management, the latest in a series of deals made by the company.

Based in Houston, Semita is a registered investment adviser (RIA) firm with nearly $71m in assets under management (AuM).

The company was founded in 2015 and it offers investment management and financial planning services to high-net-worth individuals.

As part of the deal, Semita CEO and chief investment officer Michael Meagher and Financial Planning director Justin Reede have joined TMG.

Commenting on the acquisition, Meagher said: “Becoming part of the TMG team brings many benefits for our clients. First and foremost, TMG’s business model offers clients access to more value-added, in-house services such as tax management and estate planning guidance.

“Also, with a broader, deeper team of professionals supporting us, we can focus even more on our client relationships and personalised service needs instead of being involved in the many behind-the-scenes daily activities of managing a private business. All this, combined with TMG’s growth trajectory, enhances our ability to serve clients’ families well into the future.”

TMG CEO Chris Behrens said: “Joining forces with like-minded practitioners helps to boost our intellectual capital, which is invaluable to a collaborative, professional services firm like ours. The character and credentials of our people are at the foundation of the client experience.”

As of 30 June 2022, TMG had more than $7.5bn in AuM. It has 12 offices in the US with headquarters in Chicago.

In June 2022, the company acquired Louisville-based RIA Multi-Fund Management. It also acquired San Diego-based RIA firm Avenue Advisors this year.