The combined entity will oversee seven offices with around $180 billion in client assets as of the end of September last year, according to a press release from DiMeo Schneider.
The new firm will serve clients in 47 states, including private clients, retirement plans, endowments and foundations, DiMeo Schneider says. As part of the deal, investment consulting firm DiMeo Schneider will add the moniker Fiduciary Investment Advisors, according to the press release.
The merger is aimed at enhancing the companies’ research capabilities, improving operational infrastructure, expanding their geographic reach and providing better growth opportunities for the firms’ employees, DiMeo Schneider says.
The two firms have been collaborating for many years, while Bob DiMeo, managing partner of DiMeo Schneider, and FIA president Mark Wetzel have known each other for decades, DiMeo Schneider says.
DiMeo will serve as the CEO of the new firm while Wetzel will be its president, according to the press release. All equity partners in the two firms will also own equity in the combined firm, and the firms’ employees will stay in their current roles, DiMeo Schneider says.
The transaction is expected to close in the second quarter of 2020, according to the press release. The companies didn’t disclose the financial terms of the deal.
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