Aspiriant Investment Advisors, a subsidiary of wealth management firm Aspiriant, has agreed to acquire Deloitte Investment Advisors (DIA), an investment advisory group owned by Deloitte Tax.

DIA commenced operations in 1998 and is comprised of approximately 40 professionals. The group provides investment advisory services to individual and institutional investors and currently has approximately $2.9bn in assets under advisement for more than 450 clients, according to Deloitte Tax.

The transaction is expected to close in September 2010, subject to customary approvals and closing conditions. Terms of the agreement were not disclosed.

Once the transaction is completed, Aspiriant is expected to serve approximately 800 clients through eight offices in the US, and have more than $7bn in assets under management and advisement.

Chet Wood, chairman and CEO of Deloitte Tax, said: "We determined that divesting Deloitte Investment Advisors is in the best interest of DIA, our professionals and our clients. As part of the Aspiriant organization, the business will have greater latitude for growth through offering additional services and pursuing its own marketplace interests."

Rob Francais, CEO of Aspiriant, said: "This acquisition is another step in our long-term growth strategy to ensure that Aspiriant remains a leading independent wealth management firm that is well-positioned to serve the needs of wealthy families for generations to come. The employees at Aspiriant and DIA share the same high standards and values; we are truly cut from the same cloth, and we welcome this exceptionally skilled team to Aspiriant."