Bank of America today announced an agreement to acquire U.S. Trust, a firm catering to high-net-worth investors. Bank of America will pay U.S. Trust’s parent company, Charles Schwab, $3.3 billion for the company. The deal is expected to close in March.

With the takeover of U.S. Trust, the country’s fourth-largest private wealth management service, Bank of America says it will become the largest private wealth management firm in the United States, with an estimated $261 billion in assets under management.

U.S. Trust targets households with more than $2 million in investable assets and has more than 13,000 such clients. The firm has approximately $94 billion of assets under management. It was founded in 1853, and now has more than 2,000 employees in 33 locations.

—Andrew Farrell