Davidson Investment Advisors has agreed to acquire Caprin Asset Management.
Financial terms of the deal were undisclosed.
Based in Richmond, Va., Caprin specializes in municipal and taxable fixed income investments and manages about $1.3 billion in client assets, according to a Tuesday news release.
Upon closing of the transaction, which is expected in the first quarter of 2023, Davidson will manage over $4 billion in assets under administration. At that time, Caprin's business will operate as Caprin Asset Management, a division of Davidson Investment Advisors, the release noted.
Based in Great Falls, Mont., Davidson Investment Advisors is a wholly owned subsidiary of D.A. Davidson Cos. and works with high net worth individuals and institutions nationwide, providing investment solutions and advice.
Neither Davidson nor Caprin could be immediately reached for further details.