The Palm Beach Gardens, FL-headquartered firm is to acquire Dallas, TX-based Rushmore Investment Advisors, a privately-held, employee-owned registered investment advisor, and Madison, WI-based independent advisory firm Holt-Smith Advisors. Financial terms were not disclosed.

The two companies have combined assets under advisement of around $1 billion, 400 clients and 40 years of experience serving high net worth individuals, families and institutions.

“Rushmore and Holt-Smith provide us a defined institutional platform, an in-house international investment capability and a team of highly-skilled portfolio managers located throughout the central US, another critical market for us,” said Peter Raimondi, founder and chief executive of Banyan Partners

“Banyan enables us to take our platform to the next level with new products and greater scale to meet the needs of our growing client base,” added John Vann, president and CEO of Rushmore.

Holt-Smith was founded in 1987 and offers several equity strategies including large-cap value, mid-cap growth and diversified portfolio management services for individuals, institutions, pension plans, endowments and foundations.

Marilyn Holt-Smith, president and CEO of Holt-Smith, said the acquisition by Banyan provides the firm with the tools and support to reach Midwest investors.

When Banyan first announced its acquisition of Silver Bridge in June, chief strategic officer Scott Dell’Orfano said the firm's strategy was to achieve organic growth and attract "synergistic" businesses. 

The new transactions are subject to customary closing conditions and are expected to close in October 2013. Click here to view details about Banyan's acquisition of Silver Bridge and here to view an interview with the latter firm. 

Banyan Partners has over $4 billion in assets under advisement and offices in New York, Boston, MA, Atlanta, GA, Naples, FL, Coral Gables, FL, Fort Worth, TX. The firm serves high and ultra high net worth families, family offices, foundations and institutions.