Wealthspire Advisors, an NFP company and independent investment adviser, has acquired Private Ocean, a fiduciary wealth management firm with $2.7 billion in assets.

Private Ocean is a combination of wealth management firms, Salient Wealth and Friedman & Associates. Additionally, the firm also acquired Lakeview Financial and Mosaic Financial Partners. The combined firm offers an expansion of national RIA business for Wealthspire.

Wealthspire previosuly acquired Private Capital Group, a $1 billion RIA. Following both transactions, Wealthspire will oversee $17 billion in assets.

“We’ve always been intentional about the acquisitions we make and partnering with a firm like Private Ocean is a rare opportunity that doesn’t come around often,” said Hoyt Stastney, Wealthspire’s general counsel and Head of M&A. “Wealthspire provides systems, processes, and tools that accelerate growth, which will enhance our collective ability to expand on the West Coast.”

Raymond James served as financial advisor and Wilmer Cutler Pickering Hale and Dorr LLP served as legal counsel to Private Ocean. Ropes & Gray LLP served as legal counsel to NFP and Wealthspire.