The acquisition brings Wealth Enhancement Group’s total client assets to more than $96.6bn. Credit: OB November/Shutterstock.

Wealth Enhancement Group has expanded its presence in the US with the acquisition of M&R Capital Management, an independent registered investment advisor (RIA) in New Jersey, for an undisclosed sum.

The move represents the sixth acquisition in New Jersey for Wealth Enhancement Group. It boosts the company’s total client assets to more than $96.6bn.

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M&R Capital Management is engaged in providing financial services, including investment management, retirement planning, and separate account management. It has more than $536m in client assets.

The company is headed by chairman and CEO John Maloney, who leads a team of three advisors and three support staff.

Maloney said: “By joining forces with Wealth Enhancement Group, we’re able to enhance our services, expand our resources, and continue to provide personalized financial strategies.

“Our clients will benefit from the added scale and solutions while maintaining the high level of care and attention they’ve come to expect from us.”

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M&R Capital Management serves high-net-worth individuals, pilots, business owners, and non-profit organisations.

During the acquisition process, M&R Capital Management received financial advice from Park Sutton Advisors, a Waller Helms Company.

Wealth Enhancement Group CEO Jeff Dekko said: “John and his team are an excellent addition to our firm. We are pleased that they’ve chosen to join Wealth Enhancement Group.

“Through our partnership, they can access our extended suite of central services and free up more time to invest in strengthening client relationships and growing their practice.”

Last month, Wealth Enhancement Group acquired FinTrust Capital Advisors, with more than $2.39bn in client assets.