California-based wealth management firm Private Ocean has acquired Mosaic Financial Partners, a registered investment advisory firm based in San Francisco.

Mosaic, which has nearly $620m in assets under management, will be formally incorporated into Private Ocean on 1 October 2018.

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It will also continue to serve from both of its offices at San Francisco and Walnut Creek.

Commenting on the amalgamation, Private Ocean CEO and co-founder Greg Friedman said: “Coming together is a natural fit for us and we are excited to continue exploring our opportunities to better serve our clients. We are proud to welcome our new colleagues to the Private Ocean team.”

Mosaic Financial Partners focuses on providing financial solutions and personalised advice to its clients in the greater Bay Area region.

The company is also said to be one of the first wealth management firms to provide ETFs as a lower-cost investment option.

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Mosaic Financial Partners founder Norm Boone said: “Having started in this industry more than thirty years ago with one of Private Ocean’s founding firms, I am confident in the consistency of our values and commitment to clients.

“This next step in our growth allows me to focus less on day-to-day management and more on our strategy to enhance the services we provide.

“As part of a larger, growing firm, our expanded resources allows us to serve clients in new and better ways and offer employees more opportunities to grow professionally.”

With this new acquisition, Private Ocean enhances its client asset management portfolio to nearly $2.2bn.