Wealth Enhancement Group, an independent hybrid backed by private equity firm TA Associates, acquired CJM Wealth Management, the firm announced.
Based in Long Island, New York, CJM provides services mainly to physicians and other affluent professionals. The firm handles $440 million in assets under management and is headed by CEO and founder Charles Massimo and managing director Peter Anastasian.
“Based on their track record of providing value to clients, strong operating platform and history of growth, we decided that joining them under the Wealth Enhancement Group umbrella was the best strategic decision for us and our clients,” Massimo said.
Park Sutton Advisors represented CJM in the transaction.
The acquisition is Wealth Enhancement’s third in New York and its fifth in the New York metropolitan area, which includes parts of Connecticut and North Jersey. The Mineapolis-based firm has an aggregate $19.4 billion in client brokerage and advisory assets.