Cerity Partners Welcomes Prio Wealth, Growing AUM by $4.1B
Deal News | Jan 09, 2025 | Lightyear Capital
Cerity Partners, a prominent U.S.-based independent wealth management firm, has announced a merger with Prio Wealth, bolstering its wealth management services throughout the Boston area. This merger will add an impressive $4.1 billion in assets under management (AUM) to Cerity Partners, enhancing its offerings in family and generational wealth planning, financial retirement planning, and investment management. The strategic move aims to enhance Cerity Partners' ability to deliver integrated and diversified wealth advisory solutions through a cohesive team of credentialed professionals. Claire O'Keefe, Partner & Head of Partner Development at Cerity Partners, emphasized the merger’s role in fulfilling client needs with premier wealth management competencies in Boston, a market with high demand for such expertise. John Bratschi of Prio Wealth expressed enthusiasm for the merger, which aligns with Prio's mission of empowering clients by syncing their financial undertakings with life goals. Prio Wealth was assisted by Echelon Partners, the exclusive financial advisor, and Buchalter, serving as legal counsel.
Sectors
- Wealth Management
- Financial Advisory
- Private Equity
Geography
- United States – The article involves U.S.-based companies, Cerity Partners and Prio Wealth, with activities across the country.
- Boston, Massachusetts – Prio Wealth is based in Boston, and the merger is expected to strengthen Cerity Partners' presence in the Boston metropolitan area.
- New York – Cerity Partners, although operational nationally, is highlighted in the press release sourced from New York.
Industry
- Wealth Management – This industry involves providing financial planning, investment management, and advisory services, which is the primary business of Cerity Partners and Prio Wealth in the article.
- Financial Advisory – Relating to the financial advisory roles mentioned, including Echelon Partners and legal counsel services.
- Private Equity – Lightyear Capital, a private equity firm, is associated with Cerity Partners as mentioned in the article.
Financials
- $4.1 billion – The amount of assets under management (AUM) added to Cerity Partners through the merger with Prio Wealth.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cerity Partners | Bidding Company | Company | A leading independent wealth management firm in the U.S. merging with Prio Wealth. |
| Prio Wealth | Target Company | Company | A Boston-based RIA firm merging with Cerity Partners. |
| Echelon Partners | Financial Advisor | Company | Served as the exclusive financial advisor to Prio Wealth. |
| Buchalter | Legal Advisor | Company | Provided legal counsel to Prio Wealth for the merger. |
| Lightyear Capital | Private Equity Firm | Company | A private equity firm associated with Cerity Partners. |
| Claire O'Keefe | Partner & Head of Partner Development | Person | A representative of Cerity Partners involved in the merger announcement. |
| John Bratschi | Representative of Prio Wealth | Person | Provided insights on the merger between Prio Wealth and Cerity Partners. |