Choreo Acquires BDO’s $8.1B Wealth Management Business

Choreo, a Chicago-based independent investment advisory firm that spun off from RSM US last year, has acquired the $8.1 billion wealth management practice of BDO USA, the sixth largest accounting firm in the U.S.

The transaction closed on October 31. Terms of the transaction were not disclosed.

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.

This is the fourth wealth management acquisition by Choreo, its third from a CPA firm, since private equity firm Parthenon Capital, along with Choreo management and advisors, purchased the company from RSM US in February 2022 and renamed it Choreo.

The deal increases the firm’s total assets under management and advisement to approximately $23.2 billion. The acquisition also adds seven new locations to its more than 40 markets across the country.

“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.