Sequoia, headquartered in Akron, Ohio, and with offices across the country, offers asset management and wealth planning services to clients at all stages of the wealth continuum, from individuals to family offices.
The company has nearly $16bn in assets under management.
Joe Heider, a seasoned professional with more than 30 years of expertise in the financial services sector, launched Cirrus in 2015.
By June 30, 2023, Cleveland-based Cirrus was in charge of $387m in assets.
Small enterprises, families, and people make up the firm’s clientele.
A team of 12 work for Cirrus’ advisory and support teams.
Heider will advise Sequoia on its strategic direction.
Ryan Heider, his son, will continue to help Cirrus clients while also taking on new responsibilities when he joins Sequoia as vice president and wealth adviser.
Tom Haught, founder, and CEO of Sequoia stated: “As part of our growth plans, we want to provide a way for firms like Cirrus to secure their legacies and help pass the torch from one generation to the next. We look forward to making Cirrus part of the Sequoia family and assisting Joe in executing the firm’s succession plan.”
Heider, president of Cirrus added: “It’s reassuring to know that our team and clients will be in extremely capable hands—right in our own backyard—when we join Sequoia, a like-minded firm that has the technology and resources to support our growing business. Sequoia is working thoughtfully to build a custom transition plan and is providing growth opportunities for the Cirrus team.”
Sequoia has expanded its services and global reach through organic growth as well as acquisitions.
More than 200 employees work for Sequoia presently.
Benesch, Friedlander, Coplan & Aronoff LLP advised Sequoia on legal matters.
The legal representation for Cirrus was provided by Hahn, Loeser & Parks.
The deal is expected to close on July 31, but the financial details were not provided.