Sanctuary Wealth, which specializes in attracting breakaway brokers, has expanded its business strategy to include buying existing RIAs. And its first acquisition in this space is Austin, Texas-based NorthView Asset Management, according to a news release.

Led by financial services industry veteran Richard Williams, NorthView manages $280 million, which brings Sanctuary Wealth’s assets under management to $3 billion since June, and more than $9 billion overall.

Founded in 1998, NorthView serves both individuals and institutions. Its executive team, in addition to Williams, includes Lynn Skarren, Steven Sutton and Michael Janak.

Jim Dickson, founder and CEO of Indianapolis-based Sanctuary Wealth, said NorthView Asset Management was an obvious choice to be the first acquisition. “They are a successful firm that is in growth mode, and they fit the profile of advisor we look to attract here at Sanctuary.”

“We are delivering on our business plan of going to market with a barbell approach to working with advisors: launching breakaways and being the ultimate destination for existing RIAs,” Dickson said. “How we execute in M&A will be different than other participants in this space. The market is highly saturated with buyers causing inflated values as firms try to buy market share or revenue. Our whole model is predicated on quality, growth-oriented firms that see the value of a strategic partner.”