AMG Wealth Partners LP has acquired a majority equity interest in the $7 billion myCIO Wealth Partners LLC, AMG announced Monday.

The terms of the deal were not released. The management partners of myCIO will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations, according to AMG.

Based in Philadelphia since being founded in 2005, myCIO is a financial advisory firm advising on $7 billion in client assets. Senior partners David Lees, James Biles and Paul Bracaglia lead a team of more than 30 professionals providing advice on financial, tax and estate planning, asset allocation and investment management to corporate executives, families, endowments, trusts and retirement plans.

“myCIO is a leading wealth advisory boutique that complements our existing affiliate group,” says John W. Copeland, president of AMG Wealth Partners.  “As the demand for tailored, high-end wealth advisory services increases, myCIO’s unique focus on corporate executive financial and retirement planning, combined with customized investment advice, provides an outstanding platform for continued growth.”

“We believe that AMG Wealth Partners will play an important role in supporting our growth and scale while further strengthening our ability to meet the current and future needs of our clients,” adds David Lees.

AMG Wealth Partners is a subsidiary of Affiliated Managers Group Inc., a global asset management company with equity investments in leading boutique investment management firms with aggregate assets of $638 billion. AMG plans to continue growth through the internal growth of existing affiliates, as well as through investments in new affiliates, AMG says.