Minneapolis-based Wealth Enhancement Group said it has signed a definitive agreement to buy BPU Investment Management Inc., a hybrid advisory firm with three offices in and around Pittsburgh and approximately $990 million in client assets, according to a news release.

The transaction will close on March 1, 2020. Financial terms were not disclosed.

This marks the 15th acquisition over the past six years for Wealth Enhancement Group and establishes the firm's footprint in the Western Pennsylvania region. The firm now has 31offices, the release said.

Founded in 1985, BPU Investment Management serves individual clients, with a focus on high-net-worth individuals and families. The firm offers wealth management services for private clients, as well as brokerage services for individuals and institutions. It has 19 employees, including 13 financial advisors, the release said.

BPU Investment Management Chairman and CEO Paul Brahim said the firm made the decision to join Wealth Enhancement Group because they believe that the move will allow for serving clients in the best possible way both now and well into the future. “The firm's reputation in the industry is unparalleled, and from our first meetings, we could see that our two firms share the same business DNA – an unmatched commitment to doing the best we can for clients,” Brahim said.

Jeff Dekko, CEO of Wealth Enhancement Group, said, Brahim and Robert Unkovic, president of treasurer, have built an exceptional team with well-established client service capabilities across a range of disciplines, and they will be an excellent addition to the Wealth Enhancement Group family. “BPU Investment Management has a strong track record of delivering for the individuals, families and institutions it serves, and we are excited that they will be joining forces with us to deepen the relationships they have built with their current clientele and extend their services to new clients in the Western Pennsylvania region,” he said.

Minneapolis-based Wealth Enhancement Group and its registered investment advisor, Wealth Enhancement Advisory Services, have approximately $15.1 billion in client brokerage and advisory assets as of September 30. The independent wealth management firm offers comprehensive and customized financial planning and investment management services to clients in more than 40 states.