Wood Investment Counsel and Obermeyer Asset Management Company, both in Colorado, announced today that they have merged.

The combined firm will be known as Obermeyer Wood Investment Counsel and will manage about $1.7 billion in assets. The new firm will operate out of offices in Denver and Aspen.

Wally Obermeyer will serve as co-chairman and president of the new firm, and George Wood will serve as co-chairman.

The combined organization will include 17 employees and 11 investment professionals.

"The firm is large enough to have the resources and depth of specialization within the firm, but also small enough to deliver really personalized client service," says Obermeyer.

The two men meet about fives years ago and discovered their investment styles were very similar, says Obermeyer. "We have similar clients and a few overlapping clients," he added. The typical client has from $1 million to $10 million in assets.

Obermeyer founded Obermeyer Asset Management Company in 1997. Prior to founding the firm, he was regional vice president of Heritage Trust and Asset Management.

Wood founded Wood Investment Counsel in 1982. Wood began his investment career in 1969 as an investment analyst with Stein Roe & Farnham and he later becoming a partner of the firm.

“Over time we have developed a strong mutual respect for one another and found that we shared core values, including a long-term investment philosophy and dedication to client service,” said Wood in a prepared statement. “Our discussions eventually led to the realization that combining the two firms would create a robust investment organization, allowing us to build on the best of both firms.”