Ohio-based financial services firm CBIZ has acquired the assets of Gavion, an investment advisory business headquartered in Tennessee.
Financial terms of the deal were not revealed.
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By GlobalDataGavion caters to US foundations, endowments, corporate plans, public funds, trust companies as well as hospitals.
The firm’s staff headcount is 14.
The deal adds over $27bn in assets under advisement to CBIZ’s portfolio.
Gavion CEO Robert Longfield welcomed the deal, saying that it will expand the firm’s “investment research, consulting and strategic implementation processes on a national scale”.
Under the agreement, Gavion will be merged into CBIZ Investment Advisory Services.
CBIZ president and CEO Jerry Grisko said: “This acquisition will add significant talent to our investment advisory and retirement plan services team and augment our assets under advisement.
“Gavion’s expertise in the alternative investment space will enhance our capabilities in this area and allow CBIZ to expand further into the foundation and endowment market.”
CBIZ offers accounting, tax, risk advisory, and valuation services, among others.
It also offers insurance services such as employee benefits and retirement plan consulting, as well as property and casualty insurance.
CBIZ has more than 100 offices across 32 states.
Last year, the firm purchased the assets of InR Advisory Services that is based in Pennsylvania.
