Wealth Enhancement Group, an independent, Minneapolis-based wealth management firm that oversees about $15.1 billion in client assets, has agreed to acquire BPU Investment Management Inc., a hybrid advisory firm with three offices in and around Pittsburgh and approximately $990 million in client assets.

This is the 15th transaction for Wealth Enhancement Group over the past six years and marks the expansion of the firm’s footprint into the strategically important Western Pennsylvania region.

Financial terms of the transaction, which will close on Mar. 1, 2020, were not disclosed.

Founded in 1985, BPU Investment Management has 19 employees, including 13 financial advisers, and focuses on serving 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 also performs asset management services for private clients, trusts, foundations and retirement plans; operates a retirement plan consulting business; and offers personal financial education services for corporations, associations and organizations.

BPU Investment Management Chairman and CEO Paul Brahim said, “After being an independent firm for many years, we made the decision to join Wealth Enhancement Group because we believe, in the end, it is the move that will allow us to serve our 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.”

The addition of BPU Investment Management’s three locations will bring Wealth Enhancement Group’s total number of offices to 31.

Baltimore-based Incap Group Inc. provided investment banking services for the transaction.