Silvercrest Asset Management, the registered investment advisor, has acquired Milbank Winthrop, a $500 million RIA, for an undisclosed amount, in a deal that will create a combined entity with some $10.5 billion in assets under management.

Milbank Winthrop caters mostly to high net worth families. Under the terms of the agreement, Milbank's clients will gain access to Silvercrest's range of investment management, wealth planning and reporting capabilities, including proprietary value equity, fixed income and alternative advisory services. Executives Jerry Milbank, David Taylor and Peter Tobeason will join Silvercrest as partners.