California-based firms Salient Wealth Management and Friedman & Associates have merged, the San Francisco Business Times reports.

The combined entity, Salient-Friedman Wealth Management, has around $600 million in assets under management and focuses on northern California residents with $2 million of investable assets.

The two firms are both based in Marin County, which according to the report is one of the most affluent counties in the US.

“We are convinced that each firm brings unique and complementary strengths that, when combined, will surely result in an even more valuable wealth management experience for clients,” Gregory Friedman, Friedman & Associates’ founder is reported to have said.

Friedman & Associates was founded in 1991; Salient was founded by chief executive Richard Stone in 1983.