Arax Investment Partners, a wealth and asset management platform backed by RedBird Capital Partners, has acquired Missouri-based Summit Wealth Strategies, a registered investment advisor, with $1 billion in assets under management. 

As part of the deal, Chesterfield, MO-based Summit Wealth Strategies will join Arax Advisory Partners, a platform from Arax that allows RIAs to maintain their legal status. Arax’s platform focuses on registered investment advisors that offer financial planning and investment strategies to high-net-worth families, individuals, and various financial institutions. 

This acquisition marks Arax Investment Partners’ third acquisition for this year and second in the Midwest region, following its purchase of Michigan-based Schechter Investment Advisors, a registered investment advisor, which manages $4 billion in client assets. 

“The team at Summit exemplifies that spirit,” Haig Ariyan, CEO of Arax Investment Partners, said. “Their culture of integrity, professionalism and growth makes them a natural fit for our model. We’re excited to support their continued expansion and to help them deliver even greater value to the clients and communities they serve.” 

Summit Wealth Strategies provides “personalized” multigenerational financial planning, retirement planning, succession planning, estate planning, and insurance strategies to high-net-worth individuals, families, and business owners, according to the firm’s website. 

Financial terms of the transaction were not disclosed. 

In January, Arax Investment Partners added Littleton, CO-based Cedrus Financial, a registered investment advisor, which oversees about $1 billion in client assets.