Cherry Bekaert Expands Financial Services with Spicer Jeffries Acquisition

Cherry Bekaert, a leading accounting and advisory firm, has announced a significant milestone in its growth strategy with the acquisition of Spicer Jeffries LLP, a respected CPA firm known for its expertise in the securities industry. This strategic move is not just a boost in numbers; it represents a holistic enhancement of Cherry Bekaert's service capabilities tailored specifically for investment funds and their unique accounting needs.

Spicer Jeffries, established over three decades ago, has been a reliable partner to numerous professionals and organizations within the financial services sector. Their notable clientele includes hedge funds, private equity firms, venture capitalists, commodity funds, and registered broker-dealers. Spicer Jeffries has distinguished itself not only as an industry pioneer but also consistently ranks as one of the top firms in the nation when it comes to auditing hedge funds.

Enhancing Service Offerings

The acquisition allows Cherry Bekaert to bolster its financial services practice by incorporating deep industry knowledge and specialized services that Spicer Jeffries offers. By combining resources, Cherry Bekaert retrofits its offerings to better serve a diverse array of investment fund clients. The added capabilities will support current clients while attracting new ones, covering fund structures and the latest in tax and accounting standards.

According to Michelle Thompson, the Chief Executive Officer at Cherry Bekaert Advisory LLC, “This acquisition underscores our commitment to the financial services industry. We greatly value the established relationships that Spicer Jeffries has built over the years. Expanding together opens new avenues for both teams.”

Geographical Expansion

In addition to service enhancement, the merger extends Cherry Bekaert's geographical footprint. The acquisition brings them into the competitive Rocky Mountain region, particularly encapsulating the city of Denver—a hub known for its vibrant business environment spanning key sectors like healthcare, life sciences, and technology. This expansion is poised to not only widen Cherry Bekaert’s client base but also foster collaborations with local firms and investors.

Furthermore, Cherry Bekaert's partnership with Spicer Jeffries enables audits for funds registered with the Cayman Islands Monetary Authority through Spicer Jeffries’ affiliated firm, enhancing their global presence and allowing them to cater to international clients more effectively.