SEIA Strikes Deal for $2B RIA in Cleveland

By John Manganaro

News May 02, 2024 at 12:41 PM

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Signature Estate and Investment Advisors announced Thursday that is has struck an agreement to acquire Cedar Brook Group, a registered investment advisor based in Cleveland with $2 billion in assets under management.

The acquisition is expected to close in June, according to the announcement, and once completed, the deal will bring SEIA's AUM to over $22 billion while boosting its staff to 155 employees and advisors across 20 offices.

SEIA CEO Brian Holmes notes that the deal represents the firm's first major expansion into the Midwest, particularly in Ohio, Pennsylvania and Michigan. This is also SEIA's largest transaction since partnering with Reverence Capital Partners in 2022.

Cedar Brook's business centers on holistic financial planning, according to the announcement, and the deal is expected to complement the recent appointment of April Rosenberry as SEIA's new director of estate, tax and financial planning.

Bill Glubiak, CEO of Cedar Brook, said his firm will benefit from access to SEIA's trust and estate planning capabilities, in addition to its suite of wealth management services including client model and custom portfolios. Ceder Brook will also gain access to alternative investments and a new broker-dealer in Signature Estate Securities.

"SEIA is positioning itself for strategic national growth opportunities," added Cameron Stagg, director of M&A. "This is just the beginning of SEIA's M&A endeavors. We expect significant additional acquisitions across the nation."

Pictured: Brian Holmes

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