An M&A Alternative to Investment Banks

When it comes to M&A, most RIAs likely have more interest in the story behind the story — not that a deal happened, but how it happened. 

Here’s a good example: Late last week brought news that Choreo had agreed to acquire Enso Wealth Management, a California-based firm with approximately $1.8 billion in AUM. In the six years leading up to the deal, Enso had grown to include 13 advisors and nine support staff. Once the agreement is completed, they’ll all work under the Choreo brand. 

The agreement marked Choreo’s first acquisition since its launch — backed by PE firm Parthenon — as a standalone organization earlier this year, and it’s just one in a series that Choreo CEO Larry Miles expects to announce in the coming months. With the addition of Enso, Choreo’s AUM gets a boost to about $13.5 billion. 

Now, here’s the bit behind the news that wouldn’t ordinarily be mentioned. Jessica Polito, of Turkey Hill Management, was integral to the deal. She represented Enso and played a role that would typically have been played by an investment bank — but she did it in a far more cost-efficient manner.