Eaton Vance Investment Counsel (EVIC), part of Eaton Vance, has agreed to acquire the assets of Florida-based wealth management firm WaterOak Advisors.

Financial details of the deal have not been made public.

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As part of the deal, WaterOak principals Clarke Lemons, Stephen Curley and Scott Macaione along with their team will join EVIC.

Founded in 2006, WaterOak Advisors has nearly $2bn of client assets under management (AUM).

The firm creates customised wealth advisory strategies for individuals, families and institutions.

WaterOak president Clarke Lemons said: “For over a decade, WaterOak has focused on partnering with our clients to help them meet their long-term investment objectives, while balancing risk and controlling costs and taxes.

“We enter this partnership with great excitement and look forward to expanding our offerings to include Eaton Vance’s distinctive array of wealth management solutions.”

EVIC provides investment management, financial, estate and tax planning, family office and trust services to HNW families and institutions.

As of April-end this year, the firm served as the adviser for $8.2bn in assets on behalf of families, endowments, foundations and other institutions.

EVIC president David McCabe said: “Eaton Vance and WaterOak share a focus on customised client service and a commitment to long-term relationships, based on comprehensive wealth management with integrity.”

Eaton Vance chairman and CEO Thomas Faust added: “We see the proposed acquisition of WaterOak as supporting one of Eaton Vance’s most important strategic priorities: strengthening our position in private wealth management.

“Combining with WaterOak offers the potential to develop a much larger business serving high-net-worth individuals and families in Florida and throughout the Southeast.”