Sequoia Financial Group, an Akron, Ohio-headquartered registered investment advisor with more than $19.3 billion in assets under management, has acquired the wealth management business of Eide Bailly, an accounting firm in Fargo, N.D., which encompasses about $1.58 billion in client assets.
The deal, expected to close in the fourth quarter, will involve Eide Bailly’s RIA becoming part of Sequoia and the accounting firm taking a stake in Sequoia. Brad Kelley, principal and wealth leader for Eide Bailly Advisors, will lead joint initiatives between the firms as executive vice president of corporate development for Sequoia.
“This partnership is a key strategic move that will expand our wealth management footprint meaningfully, especially west of the Mississippi River, where Eide Bailly has a large presence in major wealth markets,” said Tom Haught, Sequoia Financial’s CEO, in a statement.
Eide Bailly’s wealth business serves individuals, trusts, estates, pension and profit-sharing plans, businesses, and charitable organizations.
Sequoia Financial Group, which was founded in 1991, has a long history of serving entrepreneurial clients throughout the lifecycle of their wealth. Last November, the firm launched a family office division, Sequoia Sentinel, to provide more specialized services to its ultra-high-net-worth clients. Sentinel represents about 55% of the firm’s assets and serves clients with a minimum of $20 million.
Recently, the firm has been growing through M&A. In April, Sequoia picked up AltruVista, a Houston firm managing more than $300 million. AltruVista was founded in 2009 by CEO Ali Nasser.
In July, the RIA acquired Karpas Strategies, a Litchfield, Conn.-based RIA, with more than $420 million in client assets. Karpas is now part of Sequoia Sentinel Family Office.
