Registered investment advisor True North Advisors has acquired a California-based wealth management firm, which oversees more than $353 million in assets under management. 

Danville, CA-based Blue Investment Partners, founded in 2018, is led by co-founders and managing partners Brett Hoover and Matthew B. Dublin. Blue Investment Partners offers wealth management, financial planning, and institutional-caliber portfolio construction to 74 high-net-worth individuals across 162 accounts, according to its latest Form ADV filed in April. 

Dallas-based True North Advisors’ acquisition of Blue Investment Partners marks the firm’s second transaction since receiving a minority investment from private equity firms, HGGC and Wealth Partners Capital Group, last January.  

Following the acquisition, it boosted the firm’s total assets under management to $5.1 billion, according to the firm. The deal marks True North’s first for the year and its second, following its first last September with wealth management firm Clear Rock Advisors, a company spokesperson said to Connect Money. 

“The addition of Blue to True North strengthens the firm’s investment team and advances its reach in strategically important markets,” Mark Gehlbach, president and co-founder of True North, said. “Blue’s approach to managing complex portfolios for financially sophisticated clients is highly complementary to True North’s, with core investment models that enhance True North’s broader platform.” 

The transaction closed on June 30. Financial terms of the deal were not disclosed. 

Blue Investment Partners was represented by Turkey Hill Management in the deal. The firm received legal counsel from boutique and technology firm CounselGS.