Cherry Bekaert Bolsters Financial Services Practice with Strategic Acquisition of Spicer Jeffries LLP

Cherry Bekaert (the Firm) is pleased to announce the acquisition of Spicer Jeffries LLP (Spicer Jeffries), a leading CPA firm specializing in providing audit, tax, accounting and consulting services to the securities industry.

For more than three decades, Spicer Jeffries and its associates have worked diligently to forge new partnerships with hundreds of professionals in the industry around the globe. Spicer Jeffries’ clients include hedge funds, private equity, venture capital, commodity funds, mutual funds, registered broker dealers, investment advisors and other investment entities. Spicer Jeffries is recognized as a pioneer in the industry and is consistently ranked among the top 10 firms in the country auditing hedge funds, among other notable distinctions.

This strategic acquisition expands Cherry Bekaert’s service offerings to its financial services clients, particularly within the asset management sector, by leveraging Spicer Jeffries’ deep knowledge of the securities industry, fund structures and relevant tax and accounting standards. The acquisition further enhances Cherry Bekaert’s fund regulatory compliance and investor transparency practices, solidifying its position as a trusted advisor in the financial services industry.

Michelle Thompson, Chief Executive Officer of Cherry Bekaert Advisory LLC, stated: “This acquisition underscores our commitment to the financial services industry. We value the relationships Spicer Jeffries has built with their clients, fund administrators, attorneys and other members in the investment community. We are excited to grow together.”

Additionally, the acquisition expands Cherry Bekaert’s geographic coverage to the Rocky Mountain region, including the City of Denver, a market known as a growing and vibrant business hub in key industries that align with Cherry Bekaert’s focus sectors, including financial services, health care, life sciences, aerospace, technology and energy.

This acquisition also provides Cherry Bekaert the ability to conduct audits of funds registered with the Cayman Island Monetary Authority through Spicer Jeffries’ affiliated firm, Spicer Jeffries (Cayman) Ltd. A Cayman Islands office provides a global presence and the ability to offer specialized services to clients with international operations.

“Acquiring Spicer Jeffries aligns perfectly with our vision to expand our asset management capabilities. We are committed to providing comprehensive services to our fund clients, ranging from emerging managers to more mature funds,” added Scott Moss, Partner and Financial Services Industry Leader at Cherry Bekaert Advisory LLC. “Our combined team now includes more than 500 professionals who serve over 3,600 funds and more than 3,500 portfolio companies. This merger not only expands our geographic reach but also strengthens our depth of talent, ensuring that our clients will never outgrow our capabilities.”

Robert Yurglich, Founder and Managing Partner of Spicer Jeffries LLP, commented: “Joining Cherry Bekaert is a significant step forward for us. We are thrilled to bring our specialized industry knowledge to a firm that values growth and investor confidence. This partnership presents exciting growth opportunities for our people and enhances the value and services we provide to our clients.”

The combination of Cherry Bekaert’s distinguished full-service capabilities and Spicer Jeffries’ preeminent, industry-leading credentials delivers a powerful fusion of deep industry knowledge and unparalleled experience, ensuring that the Firm remains a leader in providing innovative and reliable solutions to clients of all sizes across the asset management spectrum.

As is typical for firms that operate in alternative practice structures, the transaction consists of two acquisitions: Cherry Bekaert Advisory LLC acquired Spicer Jeffries LLP’s non-attest assets while Cherry Bekaert LLP will acquire Spicer Jeffries LLP’s attest assets.