Cohen & Company Acquires BBD's Investment Management Group

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Feb 02, 2023, 08:15 ET

Combined team becomes second-largest ETF auditor and fourth-largest registered funds auditor in US

CLEVELAND and PHILADELPHIA, Feb. 2, 2023 /PRNewswire/ -- Cohen & Company, one of the country's top tax and accounting firms featuring a nationally recognized Investment Industry Services Group, announced today it will acquire BBD's Investment Management Group (BBD-IMG). BBD-IMG is a leading provider of audit and tax services for registered and unregistered investment companies across the U.S. The deal is expected to close in March 2023.

This acquisition will enhance Cohen & Company's position as a premium provider of assurance and tax services for the investment industry by promoting greater efficiencies and offering additional talent, depth of services and technology across the organization. As a combined team, Cohen & Company will be the second-largest exchange-traded fund (ETF) auditor and fourth-largest registered funds auditor in the U.S. by number of funds. The group will have 300 industry dedicated professionals and will expand Cohen & Company's footprint to the Philadelphia market.

"We are excited to welcome BBD's Investment Management Group to our team," said Chris Bellamy, CEO of Cohen & Company. "They have long been a well-respected organization in our industry, and our mutual focus on client service and technical rigor makes this deal a perfect fit for both organizations. This addition reflects our continued commitment to exceed client expectations with deep industry knowledge and a strong team. We also look forward to becoming a part of the community in Philadelphia."

All seven of BBD-IMG's partners will join Cohen & Company, including their Managing Partner Jim Kaiser. Jim will join Cohen & Company's Board of Managers. In total, more than 40 audit and tax professionals will join Cohen & Company as part of this agreement. The integration of both companies will provide new opportunities for existing employees to lead and grow. Additionally, the larger platform and greater footprint will help Cohen & Company attract new talent and clients across all of the firm's key industry segments.

"In this dynamic environment, it's crucial to be proactive," said Kaiser. "The opportunity to join forces with a firm that shares so many of our values, goals and vision for the future is compelling. We are confident that the combined strength of our teams will create meaningful growth opportunities for current staff and will help to ensure that our clients continue to receive the high level of service they have come to expect from both firms. Added capacity and expertise will also continue to differentiate us in the market and will be a huge win for clients and for any new candidates looking to build a career in a great firm."

Once the deal closes, Cohen & Company will work with more than 2,500 registered and non-registered funds, including closed-end interval funds and master limited partnership funds; exchange-traded funds; hedge funds and alternative investment funds; private equity funds; collective investment trusts; investment advisers and service providers across the U.S. Members of the team serve or have served on numerous prominent industry boards and committees, such as the AICPA's Auditing Standards Board, Board of Directors, Investment Companies Expert Panel and Digital Asset Working Group; and various industry committees, regional hedge fund associations and SEC working groups.

About Cohen & Company
Named one of America's Best Tax and Accounting Firms by Forbes and one of Best of the Best Firms by INSIDE Public Accounting, Cohen & Company offers assurance, tax and advisory services to clients throughout the U.S. and worldwide. The firm serves a broad range of clients, from privately held companies and their owners; to public and private funds, advisers and fund service providers within the investment industry; to Fortune 1000 multinational enterprises. Cohen & Company was founded in 1977; has more than 650 associates in Illinois, Ohio, Maryland, Michigan, New York, Pennsylvania and Wisconsin; and through affiliated entities has an international presence in the Cayman Islands and Ireland. Learn more at cohencpa.com.