BDO USA’s wealth management business has been acquired by Choreo, creating a firm with $23.2 billion in client assets, Choreo, an independent financial firm based in Chicago, announced today.
As part of the deal, Choreo will become an independent member of the BDO Alliance USA Business Resource Network and will be able to serve clients of BDO USA.
BDO USA brings approximately $8.1 billion in assets under management or advisement to Choreo. The acquisition also adds seven new locations, and 33 employees, including 17 financial advisors, to Choreo’s national network.
“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,” Larry Miles, CEO of Choreo, said in a statement.
“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,” Steve Ferrara, chief operating officer of BDO USA, said in a statement. “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.”
Clients of BDO USA will continue working with the professionals they were working with and BDO USA’s current office locations will remain unchanged.