Wealth manager Banyan Partners LLC is buying Rushmore Investment Advisors and Holt-Smith Advisors.  

Both Rushmore, headquartered in Dallas, and Holt-Smith, based in Madison, Wisc., are investment advisory firms. The two companies have about $1 billion in combined assets under management and 400 clients.

Terms of the deals were not disclosed.

Banyan is acquiring the firms to increase its footprint. "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 U.S., another critical market for us,” says Peter Raimondi, Banyan’s CEO.

Palm Beach Gardens, Fla.-based Banyan has more than $4 billion in assets under advisements and eight offices in the U.S. 

Financial services industry