Wealth Enhancement Group, an independent wealth management firm, has purchased North American Management, an independent registered investment adviser based in Boston that has $1.75 billion in total client assets.
Wealth Enhancement Group’s total client assets are expected to approach $30 billion once the transaction closes. The acquisition will add a team of 20 individuals, including nine financial advisors, to Wealth Enhancement Group.
Founded in 1928, North American Management provides planning-oriented wealth management, trust services and a range of investment offerings, including individual security portfolios, to ultra-high-net-worth individuals, families, endowments/foundations, and business owners.
The transaction is expected to close in April, after which the practice will do business as the North American Management Team at Wealth Enhancement Group. Financial terms were not disclosed.
Founded in 1997, Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services.