Baltimore investment firm Brown Advisory has acquired a small Austin, Texas, investment company to establish an office there.
The four-person staff at Blackhaw Wealth Management will join Brown Advisory. The firm's founder, Ian McAbeer, will serve as head of the Austin office. Financial terms of the deal were not disclosed.
Three financial advisers from Austin-based Oxbow Advisors will also join the new Brown Advisory office, but Brown is not acquiring that firm, a spokesman said.
"When we meet good folks with similar missions and a vision for building something great for their clients and communities, a decision to invest in them becomes relatively easy," said Mike Hankin, president and CEO of Brown Advisory in a statement. "In this instance, not only do we believe Brown Advisory can and will be helpful to the leaders of Austin, we fully expect the Austin perspective to be helpful for our clients across the globe."
Brown Advisory was founded in 1993 as an affiliate of former Baltimore investment bank Alex. Brown & Sons, and became independent in 1998.