Miracle Mile Advisors has expanded its California business with the acquisition of Palo Capital, a Newport Beach advisory firm.

Founded in 2003 by Kevin O’Grady, Palo Capital manages $300 million in assets. O’Grady said his firm’s first clients were friends and family, which grew into approximately 150 high-net-worth clients.

The acquisition not only expands Miracle Mile’s Orange County business, it also grows the company’s assets under management to $1.5 billion.

Miracle Mile Advisors, headquartered in Los Angeles, is an independent investment advisory firm to high-net-worth families and businesses nationwide.