Alexandria Financial Associates, part of Botree Westmount Partners, has acquired Capital Management Group, a Washington DC-based registered investment advisor.

Capital Management, which has around $160 million in assets under management, provides fee-only asset management services to high net worth individuals and trusts, primarily in Washington DC, Maryland and Northern Virginia.

The combined business will manage around $400 million in client assets (including direct and roll up advisory) and have offices in Washington DC, Virginia and New Jersey.

Augustine Hong will continue in his role as chief executive and managing partner of the overall firm while William Brennan, founder and CEO of Capital Management Group, will take up the position of executive vice president of wealth management services for the combined firm.