Brownhelm Capital, a single family office based in Cleveland, Ohio, is acquiring a substantial ownership stake in Pecunia Management, the holding company for Orlando, Florida-based broker-dealer International Assets Advisory.
The entire management team will remain intact with Ed Cofrancesco, president and CEO of IAA, continuing as CEO of Pecunia and all of its operating entities. IAA will remain an independently operating organization with its own brand and will not be consolidated with Brownhelm’s other financial services entities.
A family office was the ideal partner for IAA as Cofrancesco considers retirement, and Brownhelm was the ideal firm because it operates in a different area of financial services, the executive said in a statement.
“I'm very proud of the spectacular growth that IAA has enjoyed over the last 16 years. But, the fact is I am not getting any younger and I needed to develop a succession strategy so the company would continue and the advisors and their clients would be taken care of beyond my tenure,” Cofrancesco said.
The partnership gives IAA improved access to growth capital to invest in new products and services for the firm’s advisors. Brownhelm will assist IAA with human resources, W2 employee recruitment and training, corporate budgeting and back-office functions.
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