Fisher Investments, the US firm headed by investor, commentator and author Ken Fisher, said it has bought $460 million in assets from Texas-based Lighthouse Capital Management for an undisclosed sum.

As a result of the transaction, the second acquisition that Fisher has made in six months, Lighthouse clients will be served by Fisher Investments' Private Client Group, the firm said. On 31 December last year, Fisher bought Econostrat, a US investment firm.

"From an M&A perspective, the shortage of other RIA [registered investment advisors] buyers, created by the scarcity of capital and financial disarray among some larger financial institutions, leaves Fisher Investments well-positioned to quickly act on opportunities such as Lighthouse," said Mark Scalzo, group vice president and head of mergers and acquisitions at Fisher Investments.

Fisher Investments, which is based in California, which oversaw $45 billion of assets as at 30 June this year, was founded in 1979 and serves institutional clients and high net worth individuals.