Two Ohio-based investment management firms have merged to create an independent money manager with 19 employees and $450 million in assets under management.

The deal, which was signed off last week, sees Tower Wealth Management become part of Beachwood-based Carnegie Investment Counsel. All Tower staff have joined Carnegie, including principals Ensign Cowell and S Sterling McMillan, and all clients signed transfer documents in the late fall.

The two firms began working together over a year ago, meeting weekly to discuss investment strategies and ease the transition process. The primary reason for combining the firms was to increase research and account management resources, according to Richard Alt, principal and chief investment officer of Carnegie.

"We shook hands nearly a year ago and have been working to plan and implement the transition since then," said Alt.

Carnegie implements its investment and tax strategies with individual stock and bond selection, avoiding mutual and bond funds or packaged products.

"Owning individual stocks and bonds provides for traditional, low cost and direct access to the markets while eliminating high management fees of mutual funds and wrap accounts," said Alt.

Carnegie Investment Counsel is a non-custodial asset manager and SEC registered investment advisor, providing investment and wealth management services to qualified individuals, foundations and endowments.