The Florida-based firm has added a Pennsylvania-based investment manager to its roster of equity investments.

AMG Wealth Partners is to acquire a majority equity interest in myCIO Wealth Partners for an undisclosed amount.

The management partners of myCIO will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations, AMG said.

Based in Philadelphia, PA, myCIO is a financial advisory firm founded in 2005 which advises on some $7 billion in client assets.  

Senior partners David Lees, James Biles and Paul Bracaglia lead a team of around 30 professionals providing financial, tax and estate planning, asset allocation and investment management advice to corporate executives, families, endowments, trusts and retirement plans.  

AMG Wealth Partners is a subsidiary of Affiliated Managers Group, a global asset management company with equity investments in boutique investment management firms. 

As of March 31, 2015, the aggregate assets under management of AMG’s affiliates was approximately $638 billion.