AGF Management Ltd. has taken another step toward building a national network of high-net-worth investment firms.

AGF said Wednesday it has reached an agreement to buy Vancouver-based Cypress Capital Management Ltd., a private client investment counselling firm established in 1998. The deal will add $2 billion in client assets, bringing to $4.2 billion the amount of assets AGF now manages through its AGF Private Investment Management and Ottawa operations.

It is the second acquisition this year in the high-net-worth client sector for the Toronto-based company. Earlier this year, AGF acquired P.J. Doherty & Associates Co. Ltd., based in Ottawa. With the acquisition of Cypress, AGF now has offices in the key markets of Montreal, Ottawa, Toronto, Calgary and Vancouver.

The acquisition of 100% of the shares of Cypress Capital Management will be made for a combination of cash and the issuance of AGF non-voting class B shares. Terms were not disclosed. The transaction is set to close June 30.

“Cypress is one of the leading private client investment firms in Vancouver, which gives us access to an important market and specialized expertise,” Blake Goldring, president and CEO of AGF Management, said in a release. “This move delivers on our pledge to strengthen our private wealth management business across Canada.”

Cypress president Greg Bay and other principals and staff will continue with the firm.