Cleveland-based family office Brownhelm Capital has invested in the holding company of International Assets Advisory in a bid to bolster IAA's access to growth capital and ensure succession.

Brownhelm has agreed to take "a substantial ownership stake" in Pecunia Management, the holding company for IAA, Primus, International Assets Investment Management and Global Assets Advisory, according to IAA.

Per the terms of the deal, Pecunia's management team is staying intact, with Ed Cofrancesco continuing as Pecunia's chief executive officer, IAA said.

Cofrancesco said in the announcement that he's "not getting any younger" and needed to develop a succession strategy.

IAA will continue operating as an independent sister organization under its own brand and operational identity, according to the firm.

"Our culture of independence is IAA's secret sauce and it was imperative to me that it be retained," Cofrancesco said. "From our first meeting, I could tell that Brownhelm, as a family office internally managed by involved family members, would have a unique understanding of the need to preserve the culture that we have worked so hard to establish and distill across our network."

The investment is aimed at giving IAA capital to build out its offerings as well as assistance with services related to human resources, employee recruitment and training, corporate budgeting, and other back-office tasks, the company said.

Founded in 1982, Orlando, Florida–based IAA offers investment management — including in domestic and foreign stocks, bonds, mutual funds, options, insurance and annuities — as well as retirement and estate planning services, according to the firm.

IAA, International Assets Investment Management and Global Assets Advisory have reached $3.5 billion in combined assets under management in 2021, according to IAA's website.