Financial services-focused private equity firm Lovell Minnick Partners acquired a minority stake in Matthews International Capital Management. Deal terms were not disclosed.

Matthews, which launched 1991 as an independent management firm, focuses on investments in Asia. The firm currently has $19 billion in assets under management.

As part of the transaction Lovell Minnick's CEO, Jeffery Lovell, will join Matthews' board of directors.

The firm is investing out of its third fund. In February 2010, Lovell Minnick capped Equity Partners III, LP, at $450 million, more than doubling its previous fund.

Lovell Minnick has been fairly active over the past 12 months. It made a $40 million investment in Dahlman Rose & Company and a $47 million investment in United Western Bancorp. It's most recent deal prior to Matthews took place last month when portfolio company PlanMember Financial acquired Scarborough Alliance Group.