Rosemont Investment Partners, the Pennsylvania-based private equity firm, has bought a minority stake in Westmount Asset Management for an undisclosed amount.

Westmount currently manages around $1.4 billion on behalf of high net worth clients, foundations, endowments and pension plans. According to a statement, the proceeds from the sale will be used to assist an equity recapitalization move to expand the firm's ownership internally. Westmount will remain majority-owned by founders Robert and Jim Berliner. Upon completion of the deal, expected to be 1 August, long-term employees Mike Amash and Chris Werner will be promoted to partners.

The acquisition comes shortly after Rosemont bought a minority interest in investment manager Piedmont Investment Advisors in April.