The company, which will be rebranded as Choreo, will now be headed up by 20-year wealth management veteran Larry Miles, who becomes CEO.
He said, “RSM US Wealth Management is a hidden gem in the industry, and we see exciting potential for growth.
“We’re eager to take the company to the next level by investing in the team, technology, recruiting and marketing, as well as expanding into new markets organically and through acquisitions.
“We look forward to building upon the culture that has contributed to a strong wealth management team, and we’re excited to drive growth that will create new opportunities for our professionals and unlock added value for clients.”
Previous Parthenon wealth management investments have included HD Vest, Allworth Financial, Millennium Trust Company, and EdgeCo Holdings, among others.
The RSM deal is expected to close on February 18.
Parthenon managing partner Andrew Dodson said, “We’re impressed with RSM US Wealth Management LLC’s success in the industry as reflected in its most recent placement among Barron’s 2021 Top 100 RIA Firms. We look forward to building upon this foundation.”
Parthenon hauled in more than $2bn for the final close of its latest buyout fund two years ago, more than double the amount it collected for its predecessor vehicle.
The firm, which has offices in Boston, San Francisco and Austin, initially hoped to collect up to $1.5bn for Parthenon Investors VI.
Its latest raise continues an impressive increase in fund sizes from the firm, which set out to gather up to $600m for its fourth fund back in 2012.
The firm reached its $700m hard cap for that vehicle, and struck its $1bn hard cap for Fund V in 2016 after initially looking to pick up $850m.
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