Turner Investments, a Pennsylvania-based active investment manager, has agreed to acquire Illinois-based exchange-traded fund (ETF) specialist Elkhorn Capital Group for an undisclosed sum.

As part of the deal, Elkhorn founder Ben Fulton will now join Turner as the head of global ETFs, while Eikhorn product development executive Jordan Golz will join Turner as head of ETF product.

“We believe our combined capabilities will enhance the breadth and depth of our client offering at a lower cost, and will further empower our personnel who have vast experience in constructing the exchange traded investment engines, unit investment trusts, and other exchange traded products,” Fulton stated.

The deal adds a team with an experience of 25 years in ETFs, unit investment trusts, and exchange traded notes to Turner.

The deal, which already secured the nod of Elkhorn fund trustees, is anticipated to be completed in the next few weeks.

Turner said that the takeover will offer it “significant product capability” that complements its current investment processes. Its product suite will now incorporate all asset classes including fixed income, equities, commodities and alternatives.

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The deal is not subject to shareholder approval, Turner said in a statement.

Turner CIO and founder Bob Turner said: “This combination provides Turner with proprietary technology, added expertise, and unparalleled product development capabilities that we believe will deliver enhanced investment performance and value for both current and prospective clients over the long term.

“We are shifting the firm’s investment focus to uncorrelated returns and more predictable investment processes, more efficient and lower cost product structures utilizing the development capabilities of Elkhorn, with its collaboration partners, Barclays, Lunt Capital, and Dorsey, Wright & Associates, as well as the global technology and distribution platform.”