Australian wealth manager Shaw and Partners has agreed to buy DJ Carmichael, a local financial advisory business.

The deal, whose financial terms were not revealed, adds A$650m ($446.8m) in funds under advice to Shaw and Partners’ portfolio.

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Currently, Shaw and Partners has $17bn in assets under advice.

Perth-based DJ Carmichael will adopt the Shaw and Partners brand after conclusion of the deal this August.

The latest transaction comes shortly after Canaccord Genuity Group’s takeover of Patersons Securities– another Perth-based financial services firm.

At present, Shaw and Partners is in the final stages of signing a lease for a new office that will accommodate its existing employees in West Australia and new staff moving from DJ Carmichael.

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DJ Carmichael CEO Davide Bosio said: “This deal is fantastic for our clients and our staff as it gives us greater distribution and research nationally.”

At the combined group, Bosio will serve as Western Australia state manager and director of corporate finance.

Shaw and Partners co-CEO Earl Evans said: “The Western seaboard is an obvious growth area for us. Securing critical mass in Western Australia will allow us to accelerate our presence, broaden our reach and allow more clients to access Shaw and Partners’ investment capabilities and intellectual capital.

“We are eager to integrate the DJ Carmichael team into our existing Perth infrastructure. We have had an office in Perth for 6+ years and it’s now timely that we focus on expanding it by blending the two operations and adding a local Research and Corporate Advisory capability into the business.”

Recently, Swiss private bank EFG International picked a 51% stake in Shaw and Partners.