Banyan Partners, the Florida-based investment advisor, has entered into an agreement to acquire Weiss Capital Management in a deal that creates a new wealth management and investment advisory business with over $1 billion in total assets.

The combined entity will remain located in Palm Beach, Florida, with regional offices in New York, Boston, Atlanta, Memphis, and Naples, the company said in a press release. With immediate effect, Weiss Capital will also change its name and become part of Banyan, while all of its company executives and key staff will absorbed.

"We believe this acquisition will afford our clients greater access to a host of new investment and wealth management services, as well as access to Banyan's unique and customized strategies that our clients desire," Sharon Daniels, the new executive vice president of Banyan Partners, commented.

Daniels was previously the president of Weiss Capital.

Terms of the acquisition were not disclosed.