Banyan Partners, the Florida-based investment advisory firm, has acquired Miami-based registered investment advisor Earl M Foster Associates.

The move expands Banyan Partners' existing US network which includes New York, Boston, Atlanta, Memphis and Naples. Effective immediately, Earl M Foster Associates shall change its name and become part of Banyan, while all company executives and key employees will continue as part of the new firm.

"This merger affords us the opportunity to enhance our service offering to clients in the Miami area and further develop our presence in the Latin and Cuban American community," said Peter Raimondi, founder and chief executive of Banyan Partners. 

Prior to the merger, Banyan already records $1 billion in assets under management, while Earl M Foster manages some $200 million in assets. Terms of the deal were not disclosed.