Wealth management firm the Colony Group has added CapGroup Advisors to the firm.

CapGroup, headquartered in Richmond, Virginia, is an institutional consulting firm with $1.2 billion in assets under management. Terms of the merger were not disclosed.

Colony, headquartered in Boston, now has $5 billion in assets. The firm provides wealth management advice to high net-worth individuals, families, employers and institutions. The firm is part of Focus Financial Partners LLC, an international partnership of wealth management firms that CapGroup was also part of.

There are tremendous synergies between the businesses," says Colony CEO Michael Nathanson.

There have been several wealth management transactions recently, In November, Provident Financial Services acquired Suffolk Bancorp.'s wealth management business. In September, Lucia Capital group bought the managed equity and fixed income accounts of West Coat Asset Management. 

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