Tax Giant RSM Sells Wealth Management Business to Parthenon Capital

Posted on 01/07/2022

Tax and accounting firm RSM US LLP sold its wealth management unit, RSM US Wealth Management LLC, to private equity firm Parthenon Capital. RSM US Wealth Management LLC will be renamed to Choreo, LLC. Completion of the acquisition is expected in the first quarter of 2022, with a target date of February 18, 2022 pending satisfaction of customary conditions. Larry Miles, a 20-year wealth management veteran, will become Chief Executive Officer of Choreo. Dave Scudder, RSM US Wealth Management’s national leader, will transition to Choreo with the rest of the wealth management team and become Choreo’s Executive Vice President, Strategic Partnerships.

Parthenon has expertise in the wealth management sector, refined over the past 10 years through strategic partnerships with management teams across the wealth management landscape, including HD Vest, Allworth Financial, Millennium Trust Company, and EdgeCo Holdings, among others. Parthenon intends to grow the business organically and through acquisitions while making investments that maintain and enhance the client experience.

On October 26, 2015, McGladrey LLP changed its name to RSM US LLP as part of a worldwide rebranding of RSM International members.

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