Osaic said it "remains open" to conversations with advisors seeking capital, sucession planning and moves to a more "supported independent environment."

Osaic, a portfolio company of Reverence Capital Partners, has bought Boston-based CW Advisors, an RIA managing $13.5 billion in client assets. 

CW Advisors serves high net worth and ultra-HNW clients and has a total 140 professionals across 17 offices. Osaic is purchasing CW Advisors from its private equity sponsor, Audax Private Equity. The financial terms of the deal were not disclosed.

The transaction – one of the largest in AuM terms in recent months – is an example of the continued busy M&A activity that has been a notable feature of the North American wealth management industry in recent years. Rising cost pressures, a desire for scale, exits for advisors nearing retirement, and firms aiming to capture trillions of dollars of intergenerational wealth transfer, have fueled such activity.

Osaic said the acquisition represents “continued execution of Osaic’s strategy to expand its addressable market, serve advisors across all affiliation models and enable advisors to serve clients across the full wealth spectrum.”

Through its custodial partnerships with Schwab and Fidelity, CW Advisors also represents Osaic’s opportunity to provide expanded scale and capabilities as a major non-self-clearing wealth management firm, it said in a statement. 

Osaic said CW Advisors will benefit from Osaic’s capabilities in the HNW and UHNW markets, provided by its partner companies Premier Trust and Highland Capital Brokerage. 

CW Advisors will retain its name and client service model, remain operationally independent, and continue to serve clients as a standalone RIA.

Earlier this year, Osaic added Payant Wealth Management Group. It “remains open to conversations with advisors seeking capital support for growth, succession planning solutions or a transition to a more supported independent environment.”