San Antonio, Texas-based wealth management firm Covenant Multifamily Offices has expanded its presence in its home market by concluding the acquisition of financial planning and investment advisory firm One Advocate Group.

Financial terms of the deal were not shared.

The acquired company, also based in San Antonio, has begun the transition to the Covenant brand from 1 January 2021.

One Advocate Group founder Tommy Oliphint said: “I am very excited to be part of Covenant. The synergies of the two firms were a great match and will bring added value to the families and businesses we serve.”

As part of the deal, Oliphint will join Covenant as senior family wealth adviser.

The deal adds One Advocate Group’s five employees and 150 clients to Covenant, which will now manage $2.3bn in assets.

Speaking on the deal, Covenant Multifamily Offices founder and CEO John Eadie said: “Tommy and I have known each other for almost 25 years.

“This is an exciting opportunity to bring our firms together to serve the Central Texas marketplace. We look forward to having the talented One Advocate Group team join Covenant to kick off 2021.”

Covenant said that it is looking to continue its growth in partnership with like-minded advisers who share the company’s core values.

The firm offers personalised financial guidance to individuals and families in the areas of lifestyle, legacy, and philanthropy.

The firm has offices in Boerne, Dallas, and Oklahoma City.

In 2015, it opened its first Oklahoma City office after completing the acquisition of local wealth management practice Covenant Financial Services.

In 2012, the company acquired wealth advisory firm Bridge Wealth Management, increasing the firm’s total assets under management to $1.3bn.