The Mather Group, a boutique wealth management firm based in Chicago, has acquired California-based Berman Investment Advisors, according to a press release from TMG.

Mill Valley, Calif.-based Berman Investment oversees over $1 billion for ultra high net worth investors and families, TMG says.

“We had been tirelessly searching for the right strategic partner to help us elevate the level of service we offer clients,” Steve Berman, Berman Investment’s founder and president, says in the press release. “I also felt it was in my client’s best interest to look for a founder with a long-term vision, rather than a private equity-backed buyer.”

For TMG, which has 55 employees in four offices and was founded by Stewart Mather, the acquisition will expand its reach in California and bring its assets under management to $2.8 billion, the company says.

The firm, founded in 2011, has grown organically already by 52%, according to the press release.

The addition of Berman Investment is TMG’s first foray into acquisitions but Mather plans to continue the firm’s organic growth to expand its presence in new markets, TMG says. The companies did not disclose the terms of the deal.