Colony Group acquires $691 million RIA

The deal for Derby and Co., which is based in Newton, Massachusetts, is Colony's fifth acquisition this year.

The Colony Group, a Boston-based registered investment adviser managing $13 billion, is acquiring Derby & Co., an RIA managing $691 million in nearby Newton, Massachusetts.

The terms of the arrangement were not disclosed.

Derby & Co. was founded in 1987 by Burt Derby. His sons Mark and Jonathan will join Colony as principals and senior wealth advisers.

This is the fifth acquisition this year by Colony, a Focus Financial partner firm. The earlier deals include its purchase of $288 million Legacy Wealth Partners in Calabasas, California, which was announced in August, and its deal for $2.8 billion New Providence Asset Management in New York, which was announced in June.