Wealth Enhancement Group, an independent wealth management firm that oversees $15.1 billion in client assets, has agreed to purchase BPU Investment Management Inc., a hybrid advisory firm with three offices in and around Pittsburgh and approximately $990 million in client assets. Financial terms of the transaction, which will close on March 1, 2020, were not disclosed.
Founded in 1985, BPU Investment Management has 19 employees, including 13 financial advisors, and focuses on serving individual clients, with a focus on high-net-worth individuals and families.
The firm offers wealth management services for private clients, as well as brokerage services for individuals and institutions. It also performs asset management services for private clients, trusts, foundations and retirement plans; operates a retirement plan consulting business; and offers financial education services for corporations, associations and organizations.
“We believe scale matters on a national and local level,” said Jeff Dekko, chief executive officer of Wealth Enhancement Group. “Joining forces with BPU Investment Management aligns with our strategy of developing substantial scale in each market where we operate. Their presence in Western Pennsylvania further builds our footprint in the Mid-Atlantic region.”
This is the 15th transaction for Wealth Enhancement Group over the past six years and marks the expansion of the firm’s footprint into the Western Pennsylvania region. The addition of BPU Investment Management’s three locations will bring Wealth Enhancement Group’s total number of offices to 31.
Based in a Greater Minneapolis, Wealth Enhancement Group was founded in 1997 and is backed by TA Associates, a global private equity firm. The firm offers comprehensive and customized financial planning and investment management services nationwide.