Parthenon Capital, a Chicago-based private equity firm, has entered into an agreement with RSM US, a diversified tax and consulting firm, to acquire Minneapolis-based RSM US Wealth Management, the firm’s registered investment adviser.
The advisory firm, which manages $7.46 billion, will be renamed Choreo, Parthenon said in a release.
The target date for the completion of the acquisition is Feb.18. Terms of the transaction were not disclosed.
Larry Miles, who served for a year as president and CEO of Freestone Capital Management and was formerly a principal of AdvicePeriod, will become Choreo’s CEO.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
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Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
