Giant RIA merger creates firm with $15 billion in assets

The management of Adviser Investments, Ropes Wealth and Summit Partners will own the combined firm.

Adviser Investments, a registered investment advisor based in suburban Boston, said Tuesday it was acquiring Ropes Wealth Advisors, another Boston-based firm.

Together, they will manage nearly $15 billion in client assets and have more than 185 employees including wealth advisors, portfolio managers, fiduciary and financial planning specialists, and client service professionals. The management of both companies will own the combined firm along with Summit Partners, a private equity firm also based in Boston that acquired a majority stake in Adviser Investments in 2020, the companies said in a statement.

Financial terms of the deal were not disclosed.

“With this combination, we will deepen our leadership position serving wealth management clients with complex planning needs,” Adviser Investments CEO Mario Ramos said in a statement. “Equally important, this transaction reinforces our role as one of the leading merger partners of choice for RIA firms and other independent wealth management firms across the country.”

Ropes Wealth Advisors was previously a wholly owned subsidiary of the law firm Ropes & Gray. It will maintain close ties to its former parent company, acting as the preferred provider of wealth management services to Ropes & Gray clients and partners.