ParenteBeard Wealth Management recently expanded its reach in the Pennsylvania market, acquiring SFC Asset Management and Hauck Wealth Management. The Lancaster investment firm announced the acquisitions Friday. Terms of the deal were not disclosed.
SFC Asset Management, headquartered at 1423 N. Atherton St. in State College, had $120.8 million in assets under management, according to 2015 U.S. News investing data. Along with Hauck Wealth Management, which is based in Lancaster, the acquisition gives ParenteBeard Wealth Management six locations spread across Central Pennsylvania.
“We are excited to contribute our wealth of knowledge to such a well-established and respectable firm,” said James J. Karchner, the past president of SFC Asset Management and now partner of ParenteBeard Wealth Management, in a statement.
According to a release, the acquired firms provide portfolio management, retirement planning and risk management, among other services.
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After a merger between ParenteBeard and Chicago firm Baker Tilly in 2014, ParenteBeard Wealth Management broke off from the company and remained independent. The firm has about 500 clients, the Central Penn Business Journal reported in 2015.