Beck, Mack & Oliver acquired Austin Investment Management, according to a news release by Beck, Mack.
The combined firm will manage $3.1 billion in pension, endowment, foundation and high-net-worth assets.
Terms of the deal were not disclosed.
Beck, Mack focuses on core U.S. equity strategies, while Austin has focused on global equity portfolios, according to the release.
Beck, Mack spokesman Robert Hausler wasnt immediately available to provide further details.