Mariner Wealth Advisors today announced that it has acquired Baystate Wealth Management, a Boston, Mass.-based firm with $1.8 billion in assets under management, according to a news release.

Financial terms of the deal, which officially closes on January 1, 2024, were not disclosed. This will be Mariner Wealth Advisors’ third office in Massachusetts and its 98th nationwide.

Founded by Thomas O’Connor and Dave Porter in 2009, Baystate Wealth Management is “guided by the core principles of work ethic, integrity, competency, knowledge and professionalism,” the release said, noting that in addition to specializing in customized and diversified investment portfolios, the firm also acts as an outsource investment manager for advisors.

“The amazing team at Baystate, supported by our loyal client base, never ceases to amaze me,”  O’Connor, who serves as president, said in a statement. “I am so proud of what this group of professionals has built, and joining Mariner Wealth Advisors is the natural next step to ensure they can continue building on our unique offerings to the industry while still putting the client first. This move will provide us with the opportunity to grow in ways we’ve never dreamed possible.”

The firm’s 13 employees will join Mariner Wealth Advisors.

“Not only does Baystate’s advanced approach to investment portfolios fold perfectly into Mariner’s catalog of strategies, bolstered by their team of talented professionals, but their values also align with ours,” said Marty Bicknell, president and CEO Mariner Wealth Advisors. “They do what’s right for and by the client, which remains the number one goal at Mariner when serving our clients,” he added.

The release also noted that, “Baystate will continue to act as an outsource investment manager for advisors and will operate as a third-party investment offering under the Baystate name, while utilizing Mariner Wealth Advisors’ resources to expand its reach and the number of advisors it is able to serve.”

Founded with $300 million in assets under advisement in 2006, Mariner Wealth Advisors and its affiliates now advise on over $114 billion in assets as of June 30.