Arax Investment Partners has added a registered investment adviser (RIA) SRS Capital Advisors to its multi-partner wealth management platform.

Established in 2004, SRS Capital Advisors delivers customised wealth management solutions to high-net-worth families and individuals as well as businesses and foundations.

The Colorado-based RIA handles about $1.7bn billion in assets under management.

On the other hand, Arax Investment Partners is a wealth management platform company backed by RedBird Capital Partners.

SRS Capital Advisors managing director and co-founder David Simon said: “Our partnership with Arax promises substantial improvements in service, operations and technology, enabling us to scale operations, particularly our capabilities in financing, estate and tax planning.

“Our values of integrity, research and discipline are well matched with Arax’s strategic outlook, allowing us to continue to provide best-in-class services to our clients, both existing and new.”

Through the addition of SRS Capital Advisors, Arax Investment Partners aims to bring in robust RIA capabilities and wealth planning solutions to support its continued growth and positioning.

Arax Investment Partners is engaged in making strategic investments and supporting RIAs, hybrid wealth managers, and advisor teams to grow their businesses.

The company helps its partners and affiliates to be entrepreneurial and focus on delivering better financial services to their clients.

Arax Investment Partners manages around $19bn in assets under management.

Arax Investment Partners CEO Haig Ariyan said: “The addition of SRS brings another leading wealth management firm with a value of unique and customised approaches to the Arax platform.

“As we continue to scale our multi-platform approach to wealth management, this strategic partnership will compound opportunities for advisors and their clients across the Arax platform.”

UBS Investment Bank acted as financial adviser while Fried Frank served as legal counsel to Arax Investment Partners on the transaction. For SRS Capital Advisors, Waller Helms and Park Sutton Advisors were financial advisers.