Salient Partners, a Houston-based asset and wealth management firm, has entered into a definitive agreement to acquire RDG Capital, a boutique wealth advisory firm also headquartered in Houston.

RDG Capital manages approximately $1bn, including a master limited partnerships (MLP) complex of long/short funds, long-only portfolios and private equity investments.

The combined organization will manage some $17bn and have approximately 100 investment professionals and staff dedicated to serving both private and institutional clients.

According to the statement, RDG’s co-founders and principals, Gregory Reid and Cole Dawson, will join the senior management team at Salient Partners.

Reid will become president and chief executive of Salient’s MLP business. Dawson will become president and chief executive of Salient’s wealth management business, responsible for managing a team of wealth management advisors.

Reid said that the clients will immediately benefit from this expertise. Salient has a terrific culture and offers high-net-worth families a full range of family office and financial planning services.