Canton, Ohio-based RIA to acquire $240 million crosstown firm

Canton, Ohio-based RIA to acquire $240 million crosstown firm
Combined RIA firm will have nearly $1 billion in discretionary assets.
AUG 21, 2019
By  Bloomberg

Beese Fulmer Private Wealth Management, a Canton, Ohio-based registered investment adviser managing about $675 million in discretionary assets, will acquire MacNealy Hoover Investment Management, an RIA also based in Canton and managing about $240 million, in October. [More:​ Calif.-based RIA acquires firm managing $250 million] The move will make Beese Fulmer one of the largest money managers in Northeast Ohio based on assets under management, the firm said in a release. Both firms use Schwab as their principal custodian, said Ryan Fulmer, CEO. "We explored multiple transition possibilities," said Harry MacNealy, CEO of MacNealy Hoover. "Sometimes, it just takes a while to recognize the solution is right under your nose. In our case, just four blocks south." [Recommended video: Schwab's Jeff Kleintop: Prep for volatility given China trade uncertainties] ​

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