Kansas-based Mariner Wealth Advisors has agreed to purchase SMS Capital Management, a wealth manager based in Texas.

The companies did not disclose the value of the transaction.

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Set up in 2004, SMS is headed by founder and principal Steven Sheldon.

The business serves clients in Houston, Dallas and Austin.

Mariner CEO and president Marty Bicknell said: “Steven and his associate are the perfect complement to the team we already have in Houston.

“This was a natural fit, given we share the same philosophy of putting clients first by providing comprehensive wealth management to help them reach their unique goals.”

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At the end of January 2019, Mariner managed over $22bn in assets.

The latest acquisition is Mariner’s second in Houston and adds more than $110m in assets to the firm’s portfolio.

The firm entered Houston with the takeover of Patriot Wealth Management, a transaction that was announced last year and concluded this January.

With the takeover of SMS, the total number of acquisitions made by Mariner in 2019 rises to seven.

Mariner’s other purchases this year include that of Martin Financial Group, RTB Consulting, Foundations Wealth Management, Authent Advisors and Singer Xenos Schechter Sosler.

Mariner intends to purchase five more firms by the end of 2019, Bicknell said.