Washington Trust has acquired Weston Financial Group, a Massachusetts-based investment advisor to the high net worth market with $1.2 billio...

Washington Trust has acquired Weston Financial Group, a Massachusetts-based investment advisor to the high net worth market with $1.2 billion of assets under management, for $20 million in cash.

Under the agreement, Weston Financial will become a subsidiary of Washington Trust and will be operated under the direction of its current management team. Weston has 27 employees and is led by six principals, who have approximately 150 years of combined wealth management experience.

The firm has expertise in retirement planning, estate planning, investment management, tax planning and preparation, stock option planning, and insurance analysis.

“This is a major acquisition for us,” said John Warren, Washington Trust’s chief executive, in a statement.

He added: “It significantly increases the size and capabilities of our wealth management group, and expands our presence in the New England marketplace.”

Weston Financial Group was founded in 1979 and serves clients in the Boston Metropolitan area, New England, and throughout the US.

The acquisition will increase Washington Trust’s assets under administration by more than 50 per cent to approximately $3.1 billion.