Rhode Island-based Citizens Financial Group has wrapped up the acquisition of New York-based Clarfeld Financial Advisors. Financial terms of the deal were not revealed.

Clarfeld, a wealth management firm and multi-family office, focuses on serving UHNW as well as HNW clients. The deal was first announced in November last year.

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Under the agreement, Clarfeld will operate as a division of Citizens Bank Wealth Management while retaining its existing brand name.

As part of the deal, Clarfeld founder and CEO Robert Clarfeld will become CEO of the new division.

Citizens Bank Private Wealth Management, which caters to HNW clients, will be merged with Clarfeld.

As at 30 September 2018, the merged entity reported assets under management of around $14.4bn and assets under management or administration of $34.1bn.

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Commenting on the transaction, Citizens Bank Wealth Management president and CEO John Bahnken said: “The completion of the Clarfeld Financial Advisors acquisition is a significant milestone in the growth of our wealth management business.

“The addition of Clarfeld’s highly skilled team and broad range of advisory services strengthens our existing platform, enhancing our ability to provide a full suite of family office, investment, financial planning and tax and estate planning services for existing and new clients.”