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Southfield-based Telemus Capital LLC has entered the long-sought Chicago market with the acquisition of Barrington Strategic Wealth Management Group LLC.
Terms were not disclosed. As of press time, the deal was set to close Sunday.
Barrington has $350 million under management, which will push Telemus, an investment advisory firm founded in 2005, past the $2.5 billion mark.
Diana Joseph, who founded Barrington in 2009, will become the fifth partner at Telemus as well as co-chief investment officer. Her firm, which employs nine, will be rebranded with the Telemus name.
"This allows us to much better serve our clients with more investment options and more sophisticated planning," said Joseph. "There are so many rationales for us doing this."
She said one benefit for her is that Telemus will take over back-office functions "so I can spend a lot more time on things that create value."
"This allows us to continue to grow...