A pair of Boston-area RIAs this week announced they will team up to provide a variety of advisory services to more than 2,000 high net worth clients holding more than $2 billion in assets after discount brokerage E*Trade agreed to sell Wellesley, Mass.-based Kobren Insight Management to Newton, Mass.-based Adviser Investment Management for an undisclosed amount.

The leveraged buy-out by 14 Adviser Investment Management partners and six Kobren partners was signed at the end of 2010 but closed this week. The deal marks the presumptive end of the aggressive expansion into the RIA market E*Trade embarked upon in 2005 with the acquisition of Howard Capital Management, Kobren and Retirement Advisors of America.

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