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January 6, 2022

Parthenon Capital to buy RSM’s wealth management practice

By Verdict Staff

Private equity firm Parthenon Capital has signed a deal to buy RSM US Wealth Management from RSM US, a middle market-focused audit, tax and consulting firm.

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GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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The deal, whose financial terms were not disclosed, is expected to close in the first quarter of 2022.

Following the transaction, RSM US Wealth Management will be renamed as Choreo.

The firm will be led by Larry Miles, a 20-year wealth management veteran, as CEO.

RSM US Wealth Management’s national leader Dave Scudder will join Choreo with the rest of the wealth management team. Scudder will assume the role of executive vice-president of Strategic Partnerships at Choreo.

Miles said: “We’re eager to take the company to the next level by investing in the team, technology, recruiting and marketing, as well as expanding into new markets organically and through acquisitions.

“We look forward to building upon the culture that has contributed to a strong wealth management team, and we’re excited to drive growth that will create new opportunities for our professionals and unlock added value for clients.”

RSM’s wealth management clients will continue to receive the same investment advisory, financial planning, and other wealth management services.

In addition, clients will be offered tax and other services from RSM US.

RSM CEO and managing partner Joe Adams said: “We believe the combination of the experienced wealth management team with the vision of Parthenon and Larry Miles puts Choreo in a strong position for the future.”

The deal comes as Parthenon aims to grow its business organically and through acquisitions. The firm has strategic partnerships with management teams, including Allworth Financial, Millennium Trust Company, EdgeCo Holdings, among others.

Parthenon Capital partner Anthony Orazio said: “We believe Choreo is uniquely positioned to provide holistic, planning-centric financial advice to clients across the country, and that Larry is the ideal executive to lead Choreo’s continued strategic growth.”

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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