Dallas-based Tolleson Wealth Management is to acquire Quintessence Group, a local boutique wealth management firm, according to the Dallas Business Journal.

Both Tolleson and Quintessence are multi-family offices; before the deal, Tolleson Wealth Management provided wealth management services to more than 80 high net worth families.

The deal gives Tolleson capacity for future growth, said Eric Bennett, chairman and chief executive of Tolleson, in a written statement.

Quintessence Group was founded in 1999 by John Wommack.

Tolleson Wealth Management was founded by John Tolleson and Mr Bennett in 1997 as a single family office. It also runs a private banking operation.