AMG Wealth Partners, a subsidiary of Affiliated Managers Group, has entered into a definitive agreement to acquire a majority equity interest in myCIO Wealth Partners.

The Philadelphia-based myCIO is a Comprehensive, Independent and Objective (CIO) financial advisory firm that was founded in 2005 and advises approximately $7 billion in client assets today.

Meanwhile, AMG Wealth Partners has approximately $638 billion assets under management in more than 400 investment products across a broad range of investment styles, asset classes and distribution channels.

The new partnership with AMG Wealth Partners will allow myCIO to expand its capabilities to a broader client base.

“MyCIO is a leading wealth advisory boutique that complements our existing Affiliate group,” said John W. Copeland, president of AMG Wealth Partners, in a statement. “As the demand for tailored, high-end wealth advisory services increases, myCIO’s unique focus on corporate executive financial and retirement planning, combined with customized investment advice, provides an outstanding platform for continued growth.”

The management partners of myCIO – senior partners David Lees, James Biles and Paul Bracaglia – will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations after the closing of the transaction.

“Our partnership with AMG Wealth Partners allows us to continue our focus on serving clients, while ensuring our long-term independence and autonomy,” said Lees in a statement.

myCIO’s team of more than 30 professionals provides comprehensive and integrated advice regarding financial, tax and estate planning, asset allocation and investment management to corporate executives, families, endowments, trusts and retirement plans.

“Jim, Paul and I are excited by this opportunity to elevate our key next generation advisors to partners in the firm,” Lees said in a statement. “We believe that AMG Wealth Partners will play an important role in supporting our growth and scale while further strengthening our ability to meet the current and future needs of our clients.”

As part of the transaction, myCIO’s senior professionals have agreed to long-term commitments with the firm. The terms of the transaction were not disclosed.