Curi, an advisory firm serving physicians and medical practices via three separate businesses—Curi Advisory, Curi Insurance and Curi Capital—has agreed to acquire a majority stake in RMB Capital, a Chicago-based registered investment advisory firm overseeing more than $9.6 billion in client assets, around two-thirds of which are registered under management.
As part of the deal, expected to close by year-end, Curi Capital, an RIA with approximately $1.6 billion in assets—including $1.4 billion under management—will merge with RMB, becoming Curi RMB Capital.
RMB founding partner and CEO Dick Burridge will move into the role as executive chairman of the new entity and remain as co-chief investment officer. Curi Capital CEO Dimitri Eliopoulos—who spent nearly 15 years with RMB following its inception in 2005, serving as president of wealth management before taking the CEO position at Curi Capital in early 2020—will continue as CEO at the combined firm.
The rest of the RMB and Curi Capital leadership teams will remain unchanged.
“Returning to work with so many incredible colleagues and friends who have shaped my approach to people, culture and client service, is a dream and an honor,” Eliopoulos said in a statement. “This merger sets us up to be a powerful organization with an experienced and passionate leadership team, and a clearly differentiated offering for our clients.”
Curi RMB Capital will be based in Chicago, while Curi Capital’s current Raleigh headquarters will serve as a Southeast hub. All employees of both firms—approximately 180—will be retained and additional hires are expected in the coming year.
As well as bringing together firms with compatible values, cultures and leadership, the combination is expected to bolster investment capabilities and create geographic synergies with the larger Curi ecosystem, according to the company.
“We’re well positioned, now nationally and with differentiated healthcare and financial services expertise, to meet and serve our clients across all of their needs," said Curi CEO Jason Sandner.
“In just under four years, Dimitri has overseen incredible growth while building a client-centric, values-driven culture," Burridge said. "This combination will enable a seamless transition into an exciting new era for our firm. This is an energizing new chapter, but one firmly rooted in our history."
Curi, with more than $2 billion of consolidated assets and nearly $400 million in revenue, currently serves over 50,000 physicians, healthcare providers and organizations across the United States. Curi Capital provides wealth and investment management, as well as retirement plan advisory services, for around 475 households, 30 businesses and a handful of philanthropic organizations.
RMB provides wealth building and family office services, in addition to wealth and asset management and retirement plan advice, for more than 2,300 households, 36 charities, 15 investment companies or vehicles and fewer than five retirement plans.
RMB has additional offices in Denver; Jackson Hole, Wyo.; Lake Forest, Ill.; Milwaukee; Minneapolis; Oakbrook Terrace, Ill.; St. Joseph, Mich.; and Washington D.C.