Sequoia Financial Group, an Akron, Ohio-based registered investment advisor with more than $19.3 billion in assets under management, has acquired the wealth management business of Eide Bailly, an accounting firm in Fargo, ND, which includes approximately 1.58 billion dollars in client assets.

The deal, expected to close in the fourth quarter, will see Eide Bailly's RIA becoming part of Sequoia and the accounting firm taking a stake in Sequoia. Brad Kelley, principal and wealth leader for Eide Bailly Advisors, will lead joint initiatives between the firms as executive vice president of corporate development for Sequoia.

“This partnership is a key strategic move that will significantly expand our wealth management footprint, particularly west of the Mississippi River, where Eide Bailly has a large presence in key wealth markets,” said Tom Haught, CEO of Sequoia Financial. , in a statement.

Eide Bailly's wealth business serves individuals, trusts, estates, pension and profit sharing plans, businesses and charities.

Sequoia Financial Group, which was founded in 1991, has a long history of serving entrepreneurial clients throughout their wealth lifecycle. last november the firm opened a family office divisionSequoia Sentinel, to provide more specialized services to its extremely high net worth clients. Sentinel represents approximately 55% of the firm's assets and serves clients with a minimum of $20 million.

Recently, the firm has grown through M&A. in April, Sequoia acquired AltruVistaa Houston firm that manages more than $300 million. AltruVista was founded in 2009 by CEO Ali Nasser.

In July, the RIA acquired Karpas Strategies, a Litchfield, Conn.-based RIA with more than $420 million in client assets. Karpas is now part of the Sequoia Sentinel Family Office.