The Chicago-based investment consulting firm DiMeo Schneider & Associates has agreed to purchase Orion Investment Advisors, which DiMeo says will bring its assets under advisement to $67 billion.
Orion, which has $1 billion in client assets, is located in McLean, Va., and will be the third office for DiMeo Schneider, which also recently set up an office in Austin, Texas, after acquiring a firm there. Terms of the agreement were not announced.
“For 22 years, we have grown organically. At this stage, it makes sense to thoughtfully lever our position” to acquire other firms, says Bob DiMeo, managing director of DiMeo Schneider. “Orion works in the nonprofit space, and we do, too. We are adding an East Coast presence and a company with a specialization.”
Eleven Orion professionals will join the 70 associates at DiMeo Schneider.
Orion was founded 25 years ago and advises institutional and private clients across the country.
DiMeo Schneider advises defined contribution and defined benefit retirement plans, nonprofits, private clients and financial institutions nationwide. Its size and experience will benefit Orion clients, said Orion’s managing director, Rob Olcott.