Choreo, LLC has announced it has acquired the affiliated wealth management business of BDO USA. In addition, Choreo will become an independent member of the BDO Alliance USA Business Resource Network (BRN).
According to a news release, the transaction closed Oct. 31, 2023. Terms of the transaction were not disclosed.
By bringing approximately $8.1 billion in assets under management (AUM) or advisement (AUA) to Choreo, this acquisition represents the fourth expansion of Choreo’s footprint and increases the firm’s total AUM/AUA to approximately $23.2 billion. The acquisition also adds seven new locations to Choreo’s growing, national network of over 40 markets across the country.
Choreo has four office locations in Iowa, in Cedar Rapids, Davenport, Des Moines and Dubuque.
“One of our long-term goals is to be the preferred wealth provider to the tax professional community. The addition of BDO USA’s affiliated wealth management business is an important step in that direction,” said Larry Miles, CEO of Choreo in the release. “Our membership in BRN combined with integrating the knowledge and experience of their business will help us with our mission of translating wealth into fulfillment for our clients and their communities.”
“Choreo’s history of relationships and service in the CPA community provides rich opportunities for the people and clients of our affiliated wealth management business to thrive,” said Steve Ferrara, COO of BDO USA in the release. “A shared vision and approach to client service was critical in finding the right cultural and strategic fit to continue growing this practice as part of a new firm.”
“Joining Choreo is an exciting opportunity to enhance the client experience and provide even more opportunities for our colleagues across the country,” Mark Biegel, president of BDO USA’s affiliated wealth management business said in the release. “Choreo’s people-first approach, bolstered by forward leaning advances in technology and client connectivity, matches our desire to provide the modern yet tailored experience to our clients we know they desire and value.”
This announcement is the fourth acquisition by Choreo since Parthenon Capital, together with Choreo management and advisors, purchased the company from one of the largest CPA and professional services firms in the country in February of 2022.
As of April 30, 2023, $15.1B constitutes Choreo’s regulatory assets under management or advisement. Choreo will bring approximately $8.1 billion in assets under management or advisement from BDO USA’s affiliated wealth management business, according to the release.
