Signature Estate & Investment Advisors, a Los Angeles-based registered investment advisor backed by private equity firm Reverence Capital Partners and Osaic, will acquire Cedar Brook Group, a $2 billion RIA in Cleveland, Ohio. The deal, expected to close in June 2024, would represent SEIA's largest transaction since Reverence invested in 2022 and its first major expansion into the Midwest.
The acquisition brings the RIA's total assets under management to over $22 billion, with 155 employees and advisors in 20 offices.
Cedar Brook has strong expertise in financial planning, which SEIA says it will complement appointment of April Rosenberrya former director of wealth planning at EP Wealth, as director of Wealth, Tax and Financial Planning.
SEIA previously used Royal Alliance, one of Osaic's since-consolidated broker/dealers, for its brokerage business. But the firm now uses its own broker/dealer, Signature Estate Securities. The firm launched its b/de to streamline its systems and better serve clients through a unified platform.
“SEIA is positioning itself for strategic national growth opportunities,” said Cameron Stagg, director of M&A. “This is just the beginning of SEIA's M&A efforts. We expect additional significant acquisitions across the country.”