Cerity Acquires $4.1B Boston RIA

Cerity Partners, a New York-headquartered registered investment advisor with $120 billion in assets under management, has purchased Prio Wealth, a Boston-based wealth management firm with $4.1 billion in assets.

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The addition will expand Cerity’s offerings for private and corporate clients in the Boston metro area. Prio will come under the Cerity brand.

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Prio was founded in 1988 and now comprises about 25 professionals, including five managing partners: John Bratschi, Jeffrey J. St. Mary, Kelly A. Morgan, Stephen R. Petersen and Thomas F. Woodhouse. The firm serves individuals, families and non-profit organizations.

Begun in 2009, Cerity Partners has been minority backed by private equity firm Lightyear Capital since 2017 and majority-owned by Genstar Capital since 2022. With more than 900 employees, including about 700 advisors, Cerity serves more than 15,700 households, approximately 57% of which are considered ultra-wealthy.

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The Prio acquisition follows a number of deals Cerity has done in recent months. Last month, Cerity announced plans to acquire Fishman Block + Diamond, an accounting, tax and business advisory firm in Encino, Calif. That move will expand Cerity’s tax advisory services and add 46 employees to the firm.

In April, it acquired Denver-based Agility, owned by Perella Weinberg Partners Capital Management, an outsourced CIO platform. The firm also announced mergers with Janiczek Wealth Management, a Denver-based financial advisory firm serving high and ultra-high-net-worth individuals and families, and SBC Wealth Management, an Indianapolis-based wealth management firm with about $1 billion in client assets.

In September, Cerity acquired Touchdown Ventures, a provider of advisory services for corporate venture programs.

Prio used Echelon Partners to advise on the deal and Buchalter as legal counsel.