Focus Financial Partners announced it has entered into an agreement under which partner firm Relative Value Partners Group LLP in Northbrook, Ill., will fold into one of its hub firms, Chicago-based Kovitz Investment Group Partners.

The transaction is expected to close in the third quarter, subject to customary closing conditions, a news release said. Upon completion, the newly combined firm is expected to manage over $24 billion in client assets,. the release noted.

Relative Value Partners Group (RVP), a comprehensive wealth management firm that specializes in serving wealthy clients and institutions, was co-founded by CEO Robert (Bob) Huffman in 2015.

“Since our firm’s inception, we have sought out opportunities that allow us to enhance the services and tools we offer clients,” Huffman said in a statement. “We have known and respected the Kovitz team for many years, and we believe joining Kovitz is a natural next step in our evolution as a firm. We look forward to providing even more value for our clients as a result of this combination.”

“RVP is respected by peers and clients alike across the wealth management industry, and we are thrilled to welcome committed leaders who share our values of client dedication and sound investment advice,” Mitchell Kovitz, CEO of Kovitz and vice chairman of Focus, said in a prepared statement. “I am confident that, together, we will deepen our ability to provide clients with best-in-class, highly personalized wealth management experiences and continue to develop into the leading advisory practice in the Chicago area.”

This is the latest in a series of mergers that have taken place within the New York-based Focus in recent months, a direction the firm has been heading in since it went private last August in a deal in which it was sold to private equity firms Clayton, Dubilier and Rice and Stone Point Capital for more than $7 billion in cash.

Michael Nathanson, who was named CEO in April, has said the partnerships strengthen various services, which can then be offered to clients across the shared platforms.

On the new collaboration between Kovitz and RVP, he said, “We are confident that this transaction will help to strengthen their capabilities, further scale their offerings and empower clients with even more ways to achieve their financial goals.”