Akron-based Sequoia Financial Group will merge with Wealthstone Advisors of Columbus, the companies announced Tuesday, combining firms that will together manage more than $7 billion in assets.
Financial terms of the deal, which is expected to close in the second quarter, were not disclosed.
The combined firm will be based in Akron and operate under the Sequoia brand, the companies said in a news release.
“We’re delighted to join forces, adding talent, resources and investment expertise to our combined client base,” said Sequoia President and CEO Thomas Haught. He said the firms have similar client-focused cultures, and the merger will expand resources and expertise for clients. The combined company will employ approximately 110 people.
Wealthstone principals Jim Wyland, Norm Cook, Brian Stertze, and Jack Zhang will become shareholders of Sequoia.
Sequoia was formed in 1991 and had approximately $5.75 billion in assets under management as of March 31. Wealthstone, founded by Wyland in 1977, managed approximately $1.4 billion in assets as of March 31.
“With our merger with Sequoia, I am personally very thankful and gratified we will assure our ability to continue to be able to deliver excellent service for generations to come,” said Wyland, Wealthstone’s chairman.
This article originally appeared on Akron Beacon Journal: Columbus wealth manager Wealthstone merging with Akron firm