Choreo to acquire $1 billion Cherry Bekaert Wealth Management
The deal expands Choreo’s footprint in the Southeast; the firm said it’s also entering a strategic relationship with an affiliated firm, Cherry Bekaert Advisory.
Choreo, a Chicago-based registered investment adviser, said it has agreed to acquire Cherry Bekaert Wealth Management, which has roughly $1 billion in assets under management.
Cherry Bekaert Wealth Management is affiliated with Raleigh, North Carolina-based Cherry Bekaert Advisory, and Choreo also announced a strategic relationship with Cherry Bekaert Advisory that will allow the firms to “align go-to-market and acquisition opportunities” to foster the growth of both firms.
The acquisition of Cherry Bekaert Wealth Management brings Choreo’s assets under management and advisement to roughly $14.5 billion. The deal also expands the firm’s footprint in the Southeast.
Terms of the transaction were not disclosed. The deal is expected to close at year-end.
In February, Choreo’s management team, a group of its advisers and Parthenon Capital purchased the company from RSM US, a large CPA firm. Earlier this month, Choreo announced the acquisition of Enso Wealth, a California RIA with $1.8 billion in assets.
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