Cerity Companions, a New York-headquartered registered funding advisor with $103 billion in property below administration, has bought Prio Wealth, a Boston-based wealth administration agency with $4.1 billion in property.
The addition will develop Cerity’s choices for personal and company shoppers within the Boston metro space. Prio will come below the Cerity model.
Prio was based in 1988 and now contains about 25 professionals, together with 5 managing companions: John Bratschi, Jeffrey J. St. Mary, Kelly A. Morgan, Stephen R. Petersen and Thomas F. Woodhouse. The agency serves people, households and non-profit organizations.
Begun in 2009, Cerity Companions has been minority backed by personal fairness agency Lightyear Capital since 2017 and majority-owned by Genstar Capital since 2022. With greater than 900 staff, together with about 700 advisors, Cerity serves greater than 15,700 households, roughly 57% of that are thought of ultra-wealthy.
The Prio acquisition follows quite a lot of offers Cerity has carried out in latest months. Final month, Cerity introduced plans to purchase Fishman Block + Diamond, an accounting, tax and enterprise advisory agency in Encino, Calif. That transfer will develop Cerity’s tax advisory providers and add 46 staff to the agency.
In April, it acquired Denver-based Agility, owned by Perella Weinberg Companions Capital Administration, an outsourced CIO platform. The agency additionally introduced mergers with Janiczek Wealth Administration, a Denver-based monetary advisory agency serving excessive and ultra-high-net-worth people and households, and SBC Wealth Administration, an Indianapolis-based wealth administration agency with about $1 billion in shopper property.
In September, Cerity acquired Landing Ventures, a supplier of advisory providers for company enterprise packages.
Prio used Echelon Companions to advise on the deal and Buchalter as authorized counsel.