Newton, Mass.-based Adviser Investments announced today that it is acquiring Boston-based Ropes Wealth to create a $15 billion AUM registered investment advisor.

Ropes Wealth Advisors, previously a wholly owned subsidiary of global law firm Ropes & Gray, reported $7.5 billion AUM as of Dec. 31, 2021, according to its most recent Form ADV filing. 

"Adviser shares our vision, values and commitment to delivering exceptional service to sophisticated individual and institutional clients,” said Michelle Knight, Ropes Wealth CEO and chief economist, in released comments. "This excellent cultural and strategic match enables us to enrich our wealth management offerings. I look forward to all that we can achieve together with a combined team, enhanced technology, a shared commitment to employee development, and the deep resources to support industry-leading growth and a personalized service model."

Ropes Wealth will retain its offices in Boston and maintain ties to its former parent company, according to the release, remaining as the “preferred provider” of wealth management to Ropes & Gray clients and partners.

The co-chairs of Ropes & Gray’s private client group, Brenda Diana and Martin Hall, will join the management team at Adviser Investments as chief fiduciary officer and managing director, respectively. They will continue to offer legal services as part of a new law firm specializing in domestic and international estate, tax and charitable planning; estate settlement; and fiduciary administration.

Together, the firms will have over 185 employees serving high-net-worth and ultra-high-net-worth clients nationwide with a broad range of wealth management offerings, including financial planinng, tax planning, estate planning and investment management.

"(Ropes Wealth’s) differentiated service offering, which is centered on high-net-worth clients, is as impressive as its talented executive leaders and deep bench of advisors," said Adviser CEO Mario Ramos in released comments. "Their expertise in trust, estate and tax planning will be a game-changing addition to our wealth management platform."

Management of Adviser Investments and Ropes Wealth will own the combined equity along with private equity partner Summit Partners, which made a growth investment in Adviser in 2020.

Additional terms of the transaction were not released.