US-based investment firm Vanderbilt Financial Group (VFG) has bought a Long Island, New York State-based RIA, which manages $200m in assets.

The acquisition aligns with Vanderbilt’s 2020 growth strategy which entails the takeover and expansion of RIAs and recruitment of financial advisers.

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According to a joint study by the Investment Adviser Association (IAA) and National Regulatory Services (NRS), RIAs are the fastest-growing segment of wealth management sector.

RIA firm former owner Monroe Diefendorf said: “Vanderbilt Financial Group provides our RIA with the critical mass to both survive and thrive for another generation.

“I am thrilled to have VFG become the support system for our seasoned Advisers, who represent the 5th generation to service our clients since 1875.”

The acquisition is said to be a cultural fit for VFG, which focuses on impactful investing.

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Both the firms believe that values-aligned investments or impact investing enables clients to explore various opportunities to build their personal wealth.

VFG founder and chairman Stephen Distante said: “Vanderbilt has been built to continue scaling and growing, through technology, recruitment, acquisitions, and our strong culture of being impactful in the world.

“This recent acquisition continues the incredible growth we’ve seen in the first six months of 2020, despite the challenges our industry has experienced during the pandemic.”

VFG president Joseph Trifiletti added: “2020 will be a banner year for growth for Vanderbilt. Recruitment has been at a record high with many advisers lined up to join the firm in the coming months.”