The Colony Group has agreed to buy Massachusetts-based wealth management firm Capital Advisors, marking its fourth strategic acquisition in 2021.

The deal, whose financial terms have not been disclosed, is expected to close later this year.

The addition of Capital Advisors expands Colony’s presence in the Massachusetts region.

The Colony Group chair and CEO Michael Nathanson said: “We have known Gus for many years, and are delighted that he and his colleagues will join the Colony team.

“Colony will be strategically located in five offices across Massachusetts, making it even more convenient for high-net-worth families to access our wealth management and tax services.”

Capital Advisors founder Gus Gerulskis commented: “I have gotten to know Colony’s deep bench of professionals over many years. It was an easy decision for us to join Colony as we serve the increasingly complex needs of our clients, including those anticipating a business transition.”

With the acquisition, Colony will have 19 offices across the US with over 300 employees. In addition to Massachusetts, it has footprint across California, Colorado, Connecticut, Florida, Maryland, , New Hampshire, New Jersey, New York and Virginia.

Recent deals in the US wealth space

Last week, RGT Wealth Advisors, a subsidiary of Canadian wealth manager CI Financial, purchased Dallas-based registered investment advisor (RIA) Odyssey Wealth Management.

The same week, T. Rowe Price Group signed a deal to buy alternative credit manager Oak Hill Advisors in a bid to foray into the alternative investment markets.

Turnkey asset management provider SEI acquired Finomial, an investor lifecycle management firm specialising in cloud-native financial technology, the same week.