Carson Group buys $200 million Massachusetts firm

Its acquisition of Waltham-based Northface Capital Holdings is part of the firm's succession plan.

The Carson Group, an Omaha, Nebraska-based wealth management firm with $20 billion in assets under management, has acquired Northface Capital Holdings, a Waltham, Massachusetts-based hybrid managing $200 million.

The sale of Northface, which had been associated with Carson for three years, was part of a succession plan by the firm’s previous owners.

“Carson’s business model accommodates many advisors’ growth and operational needs, but providing a smooth transition plan where one advisor can pass the reins to the next generation and know that their clients will be taken care of is one of the most powerful,” Nick Engelbart, chief financial officer at Carson Group, said in a statement.

Now led by Chris Tobey, Northface becomes the sixth wholly owned Carson Wealth office in the U.S.

[More: Carson Group valued at $1 billion in latest deal]