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Toronto-based Guardian Capital Group Ltd. is acquiring Toronto-based BNY Mellon Wealth Management, Advisory Services, Inc. (WMAS), the firm said in a release on Wednesday. WMAS is the Canadian-based wealth management business of BNY Mellon, a global investment company based in New York.

Guardian’s acquisition of WMAS adds more than $5.5 billion to the firm’s assets under advisement, the release said, expanding Guardian’s core wealth management capabilities in the ultra-high-net-worth and family office segment.

“WMAS is a quality organization that complements our approach and values,” said George Mavroudis, Guardian’s president and CEO, in the release. “Our heritage of working with ultra-high-net-worth families, and the consistency of our approach and principles, will pave the way forward together.”

“We continue to look for ways to enhance our offering to this underserved market segment, and this transaction underscores our growth strategy.”

Guardian is acquiring the business from Mellon Canada Holding Company, a subsidiary of BNY Mellon. The transaction is subject to regulatory approvals and expected to close in 2021’s first quarter.

In August, Guardian announced its acquisition of a majority stake in Agincourt Capital Management LLC, an investment manager based in Richmond, Va.