Parsonex Enterprises Inc., a financial services conglomerate, has purchased E. Magnus Oppenheim Co. Inc. and E. Magnus Oppenheim Asset Management Inc.

E. Magnus Oppenheim is an advisor to individual investors, institutions, trusts, foundations and pension plans. Since its founding in 1971, the company has been based in New York City and now boasts third- and fourth-generation clients. E. Magnus Oppenheim is focused on increasing its clients’ assets while mitigating the risks associated with stock market investments. The deal works to expand the firm’s asset management capabilities and national footprint through a New York office.

“This acquisition enhances our offerings and enables us to better serve our clients by incorporating in-house industry-leading investment management services,” says Jonathan Miller, CEO of Parsonex.