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 across 20 offices.
Cedar Brook has strong expertise in financial planning, which SEIA says will complement its appointment of April Rosenberry, a former estate planning director at EP Wealth, as director of Estate, Tax, and Financial Planning.
SEIA previously used Royal Alliance, one of Osaic’s broker/dealers that has since been consolidated, for its brokerage business. But the firm now uses its own broker/dealer, Signature Estate Securities. The firm moved to launch its own b/d to streamline its systems and better serve clients through one 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 endeavors. We expect significant additional acquisitions across the nation."