Illinois-based RIA Savant Capital Management has bought local peer Kingston Wealth Management Group for an undisclosed sum.

Bloomington-based Kingston Wealth was founded by Kevin Kingston 35 years ago. The firm serves business owners, executives, and retirees, among others.

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Kingston said: “Our philosophy of servicing clients to help provide them the best advice and direction combined with our internal culture meshes well with Savant and we are thrilled to enhance our service offerings and innovation to our clients thought the Savant network.”

The acquisition of Kingston Wealth adds $150m in assets to Savant, increasing the latter’s assets to $6.5bn.

Since 2012, Savant has acquired seven firms. The latest deal marks its first purchase in Bloomington.

As part of the transaction, four Kingston Wealth staff will move to Savant.

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Commenting on the deal, Savant CEO Brent Brodeski said: “We have an unwavering commitment to identifying and securing lasting partnerships to provide our clients with the best advantages in the industry.

“Kingston is positioned well within the Bloomington region and its employees share our approach to the client-first mentality. We are excited to welcome Kingston employees and their clients to our family.”

Founded 30 years ago, Savant serves affluent individuals and institutions. The firm provides a range of services including investment management, financial planning, retirement plan as well as family office.