Accounting and consulting firm Rehmann has combined with Cleveland-based Dawson Wealth Management, increasing the size of Rehmann’s wealth management practice to over $1 billion in assets under management.

Dawson Wealth Management, formerly a unit of Dawson Companies, has served clients in Cleveland, Akron and the surrounding region for nearly two decades. The merger will add to Saginaw, Mich.-based Rehmann’s presence in Ohio. The combined firm will operate under Rehmann’s name.

“The professionals at Dawson have a long history of successful client service,” said Rehmann Financial president Fred Schaard in a statement. “We are grateful that we found a merger partner who shared our ideals and the goal to widen our collective reach beyond our traditional service area.”

Dawson Companies CEO D. Michael Sherman indicated that while relinquishing ownership and control of the wealth management unit was the end of an era for his company, the clients of the newly combined entity will all benefit. “On top of Rehmann’s strong wealth management division, they also provide a full range of tax, accounting, assurance and business consulting services,” he said.

Financial terms of the merger were not disclosed. Rehmann ranked 40th on Accounting Today’s 2009 list of the Top 100 Firms, with $66.5 million in annual revenue.

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