Citizens Financial Group is acquiring a New York wealth management firm.

The company said yesterday it would purchase Tarrytown, New York-based Clarfeld Financial Advisors for an undisclosed amount.

Clarfeld held approximately $6.6 billion of assets under management and approximately $900 million of assets under administration as of Sept. 30, 2018.

“The Clarfeld acquisition provides a unique opportunity to accelerate our strategy of building a highly competitive wealth management business that is well-positioned to offer a comprehensive range of wealth management and banking services to existing and future clients,” John Bahnken, president and CEO of Citizens Bank Wealth Management, said in a statement.

Upon closing, Clarfeld will continue to operate under its current brand name and become a division of Citizens Bank Wealth Management. Citizens Bank Private Wealth Management will be integrated into Clarfeld.

Clarfeld’s founder and CEO, Robert A. Clarfeld, will become CEO of the combined businesses.

“For 37 years our team has delivered highly individualized wealth management services through a fully integrated, multi-disciplined approach that has weathered multiple market cycles and shifting income and estate tax laws,” Clarfeld said in a statement. “Citizens shares our deep commitment to delivering exceptional client-centric wealth management services. I am excited about leading the build-out of our combined private wealth platform. With a broader range of products and services, we will be well-positioned to provide an exceptional value proposition to existing and future clients.”

Citizens Bank Wealth Management had approximately $7.9 billion in AUM and total AUM and AUA of $26.5 billion, including $3.5 billion in AUM and $3.7 billion in AUA within the Citizens Bank Private Wealth Management platform, as of Sept. 30, 2018.

On a combined basis, Citizens Bank Wealth Management and Clarfeld would oversee approximately $14.4 billion of AUM and $34.1 billion of AUM/AUA.

The addition of Clarfeld will enhance Citizens’ ability to provide a full suite of family office, investment, financial planning and tax and estate planning services for existing and new clients.

The transaction is expected to close later this year or early next year, subject to customary closing terms and conditions and regulatory approval. Silver Lane Advisors LLC acted as financial advisor to Citizens. Debevoise & Plimpton LLP acted as legal advisor to Citizens. Kramer Levin Naftalis & Frankel LLP acted as legal advisor to Clarfeld on the transaction.