The divested unit represented a portion of the $15.8 billion in regulatory assets myCIO oversaw as of the end of 2025. Clearstead, the acquiring entity, operates under the majority ownership of Chicago-based private equity firm Flexpoint Ford. According to senior leadership at myCIO, the move was prompted by a shift in long-term growth objectives.
In section Releases
Philadelphia’s myCIO Sheds $2.6 Billion Advisory Team to Clearstead
Philadelphia-based investment advisor myCIO Wealth Partners has finalized the sale of an advisory team managing $2.6 billion in assets to the Ohio-based firm Clearstead Advisors. The transaction, which closed June 30, marks a strategic pivot for the Philadelphia firm as it looks to sharpen its focus on core business operations.
David Lees, a senior partner at myCIO, noted that the departing team no longer aligned with the firm’s strategic trajectory. Adrian Verueco, the firm’s partner and CFO, described the sale as a calculated effort to concentrate resources on the company's primary investment advisory services. myCIO traces its origins to the former Philadelphia investment practice of Ernst & Young, which transitioned into an independent entity in 2005 following the enactment of the Sarbanes-Oxley Act.
Comments (0)
No comments yet. Be the first!