In its third merger of the year, St. Louis-based Buckingham Asset Management today combined operations with KB Investment Advisors, LLC, also based in St. Louis.
Terms of the deal were not disclosed.
It's three mergers give Buckingham an additional $500 million assets under management, company officials said in a release. KBIA has nearly $70 million in assets under management.
Buckingham is led by a team of 13 principals and manages or administers more than $13.8 billion in client assets as of Aug. 31. Through Buckingham Asset Management, the company provides fee-only investment management for individuals, businesses, trusts, not-for-profits and retirement plans.
KBIA was a wholly owned subsidiary of CPA firm Kiefer Bonfanti & Co. LLP and became familiar with Buckingham by working with its sister firm, BAM Advisor Services LLC, which provides back-office support for registered investment advisor firms across the country.
The merger will have no effect on Kiefer Bonfanti's CPA firm business, said Chris Bonfanti, managing partner and CEO of Kiefer Bonfanti.
"We are truly excited to help like-minded advisors with succession and growth strategy solutions," Buckingham CEO Adam Birenbaum said. "Buckingham will continue to be a leader in solving this important challenge facing many within the investment advisory community."
In October 2010, Buckingham entered into a transaction with Wealth Management Consultants, based in Santa Rosa, Calif. In March, Buckingham merged with RNM Financial Management, based in Soldotna, Alaska.