US-based investment advisory services provider Choreo has concluded the deal to buy Cherry Bekaert Wealth Management (CBWM), a unit of Cherry Bekaert Advisory.
CBWM is currently said to have nearly $1bn in assets under management and advisement.
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It offers portfolio management services, financial planning services, investment advisory oversight services, among others.
The firm cater to high net-worth individuals, pension and profit-sharing plans as well as charitable organisations.
The deal, which was first announced in November last year, raises Choreo’s assets under management to around $12.8bn.
Choreo has also entered into a strategic alliance with Cherry Bekaert Advisory.
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By GlobalDataBoth the firms will merge their resources and staffs to explore other acquisition options to facilitate their future growth, as part of the alliance.
Choreo CEO Larry Miles said: “The completion of this agreement is a significant win for Choreo, our advisors and all the clients they serve around the country.
“Our partnership with the team at Cherry Bekaert gets us closer to our ultimate goal of redefining the wealth advisory industry by focusing on complex tax, wealth, financial and estate planning.”
The latest development follows Choreo’s takeover of GreerWalker Wealth and Enso Wealth Management last year.
The purchase of GreerWalker Wealth has increased Choreo’s total AuM to around $14.8bn. Subject to customary closing conditions, the acquisition is expected to be completed in the first quarter of this year.
