Siena Wealth Advisory Group acquires Signalert Asset Management

Siena Wealth Advisory Group, a team of private wealth advisers in Ameriprise Financial Inc.'s branch channel, has acquired Great Neck, N.Y.-based Signalert Asset Management LLC, a registered investment adviser managing $265 million in assets.

Financial terms of the transaction were not disclosed.

Signalert Asset Management's founder, Marvin Appel, sold the company as part of his plan for a smooth transition to retirement. Appel will join Siena Wealth for a year.

Siena Wealth employs 10 advisers managing $1.3 billion in client assets from offices in Melville, N.Y., and Naples, Fla.