Investment consultant Segal Marco Advisors acquired Milliman's San Francisco investment consulting practice.
The transaction marks Segal Marco's third acquisition, the firm said in a news release Thursday.
The acquisition increases Segal Marco's "footprint in the public sector and adds additional endowments and foundations to its client roster as the firm continues to grow across various lines of business," the news release said.
Terms of the deal were not disclosed, a Segal Marco spokeswoman said in an email. She added that Segal Marco has about $622.7 billion in assets under advisement — excluding the addition of the former Milliman office — and that "four full-time and one part-time staff members have joined Segal Marco from Milliman."
"In acquiring the Milliman San Francisco investing consulting team, we have expanded Segal Marco Advisors' research and consulting capabilities, " said John DeMairo, president and CEO of Segal Marco, in the release.
Milliman will continue to provide investment consulting services out of its Dallas and Albany, N.Y., offices, with a "continued emphasis on corporate retirement plans," Segal Marco added in the release.
Milliman officials could not be immediately reached for additional details. .