Choreo, a Chicago-based independent investment advisory firm that emerged from Top 10 Firm RSM US earlier this year, is acquiring the wealth management business of Cherry Bekaert.
Cherry Bekaert Wealth Management manages approximately $1 billion in client assets. The deal with Richmond, Va.-based Top 25 company Cherry Bekaert will expand Choreo’s footprint to the Southeast and expand its assets under management to $14.5 billion. Choreo’s assets under management were approximately $9.9 billion in Today’s Trillion-Dollar Wealth Magnets Ranking in May, but the company has since made other acquisitions, including with Enso Wealth Management in Northern California and Nevada earlier this month, which added $1.8 billion in assets under management.
Choreo was launched as an independent advisory firm in February after private equity firm Parthenon Capital partnered with a group of RSM executives, including Dave Scudder, the former RSM US Wealth Management executive and partner director of RSM US’ predecessor firm, McGladrey & Pullen, to acquire the Top 10 Firm’s wealth management practice. Cherry Bekaert then received its own jolt of private equity funding from the Parthenon in June and spun off into Cherry Bekaert LLP as a licensed CPA firm and Cherry Bekaert Advisory LLC to provide business advisory services and services without certificate (see the story). The Cherry Bekaert Advisory part has just sold the wealth management subsidiary to Choreo. It provides portfolio management services, financial planning services, investment advisory services and pension plan services, as well as other services.
“This is just the beginning of our partnership with Cherry Bekaert,” Choreo CEO Larry Miles said in a statement Wednesday. “Our two firms live at the intersection of wealth, financial, tax and estate planning. Together, we believe we can do an even better job of choreographing the lives of our clients. We are excited to welcome our new teammates. “
Cherry Bekaert Advisory CEO Michelle Thompson said the two companies would pursue a strategic relationship.
As of April 30, 2022, Choreo had $9.5 billion in regulatory assets under management, with an additional $2.3 billion in assets under advisory related to client holdings for which the company provided aggregate reports, financial planning, wealth management advice, pension plan advice and consultancy and/or similar services. As of April 30, 2022, CBWM reported managing approximately $558 million in assets under management on a discretionary basis and $10.8 million on a non-discretionary basis, with approximately $435 million of additional assets under deliberation as of April 30, 2022. September 2022.