CHICAGO - Two of Ohio's most prominent financial advisory firms have merged.

Prism Municipal Advisors LLC merged with Columbus-based Umbaugh, a CPA and Midwestern public finance advisory firm, the two firms announced Monday.

Jim Hargrove, a principal and co-owner of Prism, will become a principal at Umbaugh.

The merger comes just weeks after the Aug. 29 death of Bradford Sprague, 64, who founded Prism in 2001 in Powell, Ohio. Sprague was alive during the merger talks and would have become a principal in Umbaugh, the firm said.

"We were deeply saddened by Brad's sudden passing and regret that he is not with us to become part of the merged firm," Hargrove said in a statement.

"He was well known and respected among municipal issuers in Ohio and had a great passion for the business," he said, adding that he was "impressed" that Umbaugh continued to pursue the merger after Sprague's death.

Umbaugh in May also acquired ACI Advisors, another Ohio-based financial advisory firm.

The firm could acquire additional Midwest firms, it said in the merger announcement.

"The Umbaugh management team will continue to consider other merger opportunities as the value of municipal advisors is increasingly recognized," said Todd Samuelson, Umbaugh's managing partner.

Prism's clients include the city of Columbus as well as Powell, Dublin and Westerville; Franklin County, Cuyahoga County, the Northeast Ohio Regional Sewer District and others.

Umbaugh has 90 employees in four Midwest offices, located in Indianapolis, Mishawaka, Ind., Columbus and Lansing, Mich.

Umbaugh was among the top 10 financial advisors in the Midwest so far in 2015, according to Thomson Reuters.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.