Chicago-based investment bank Loop Capital Markets LLC acquired the Miami-based investment advisory firm Taplin, Canida & Habacht LLC from BMO Asset Management Corp. in a deal that extends its asset management reach.

The deal closed Jan. 28 and was announced Monday. BMO reported last June that it had signed a letter of intent that set the stage for final negotiations on a sale agreement. That agreement was reached at the end of July pending final closing arrangements.

The addition expands the firm’s offerings and capabilities in asset management. The minority-owned firm, which launched as a municipal bond shop in 199,7 previously had operated in the asset management arena with its infrastructure asset management arm JLC Infrastructure which was formed in 2015 by Loop and Magic Johnson Enterprises.

“Loop Capital and TCH share a decades-long working relationship, and I’m pleased that it has led to this moment. Our team looks forward to the value this new extension of services provides to our clients,” Loop’s co-founder and current chairman and Chief Executive Officer Jim Reynolds said in a statement.

Loop and BMO did not disclose terms of the deal. TCH is being renamed Loop Capital Asset Management. TCH specializes in fixed income account management with $6.2 billion of assets under management for institutional clients on the private and public side.

Reynolds said last year he hoped to take Loop Capital public in 2022. The firm’s revenue topped $200 million in 2020, and he said at the time he hoped for a market valuation exceeding $1 billion.

The firm has evolved from a municipal bond shop in its early days into a full-services investment bank, brokerage and investment advisor with governmental, corporate and institutional clients and offices across the country through a steady stream of hiring and acquisitions and the addition of offices.