Leola-based Emerald Asset Management is forming a new partnership with 1251 Capital Group, a Boston-based financial services holding company.

“As we continue to grow, to get to the next level, we felt it was important to get a really high-quality partner,” said Joe Besecker, Emerald’s president and CEO.

Emerald was founded in 1991, is employee-owned and managed about $5.6 billion in assets as of June 30, according to Besecker.

According to a news release, the deal is contingent upon the consent of Emerald’s institutional and mutual fund clients and is expected to close in late September. Financial terms were not disclosed, but Besecker said 1251 Capital Group will acquire a “significant” partnership stake in the company and its senior management will join Emerald’s board of directors.

However, he said, Emerald’s executive and management team will continue to manage day-to-day operations independently, retaining full control of the investment process and function.

He added that Emerald has about 65 employees and all will remain, with plans to hire more.

“Our team will continue to execute its successful investment strategies, with 1251 adding valuable expertise, enhancing employee retention and strengthening Emerald’s balance sheet,” he said.

Besecker said the proposed deal does not explicitly concern the Emerald Foundation, the company’s independent charitable arm, but that he believes any impact on it be positive.