Prio Wealth: Strengthening Boston Roots through Merger with Cerity Partners
Deal News | Jan 09, 2025 | EIN
Cerity Partners has announced a merger with Boston-based Prio Wealth, significantly boosting its assets under management by $4.1 billion and fortifying its presence in the New England market. This strategic move, revealed on Thursday, represents Cerity Partners' inclusion on the 2025 M&A board and further enhances its capabilities in wealth management and advisory services. Prio Wealth, known for serving clients for over 30 years, sees the merger as a stride towards expanding its offerings while aligning with its core mission to help clients achieve their financial goals. In line with this development, Prio Wealth will gradually transition to operate under the Cerity Partners brand. This merger follows Cerity Partners' aggressive expansion strategy, with previous acquisitions including Fishman Block + Diamond, SBC Wealth Management, and Janiczek Wealth Management. With this latest acquisition, Cerity Partners advances its objective of providing comprehensive and integrated wealth management solutions.
Sectors
- Wealth Management
- Investment Advisory
- Mergers and Acquisitions
Geography
- United States – The article discusses companies and activities primarily based in the United States, namely in cities including Boston, Encino, Indiana, Colorado, Philadelphia, Chicago, and San Francisco.
- Boston, Massachusetts – Boston is a key geographic area in the article as Prio Wealth, the target company, is based there, and Cerity Partners aims to strengthen its presence in this vital market.
Industry
- Wealth Management – The merger between Cerity Partners and Prio Wealth reflects activities in the wealth management sector, focusing on expanding and enhancing financial advisory services.
- Investment Advisory – Both Cerity Partners and Prio Wealth operate within the investment advisory industry, providing tailored financial and retirement strategies to their clientele.
- Mergers and Acquisitions – The article discusses a merger, categorizing it within the M&A industry as Cerity Partners expands its portfolio through strategic acquisitions.
Financials
- $4.1 billion – The amount of assets under management added to Cerity Partners through the merger with Prio Wealth.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cerity Partners | Bidding Company | Company | A wealth management firm that oversees more than $100 billion in assets, now merging with Prio Wealth to enhance its market presence in Boston. |
| Prio Wealth | Target Company | Company | A Boston-based wealth management firm managing $4.1 billion in assets, merging with Cerity Partners to expand its service offerings. |
| Claire O'Keefe | Partner and Head of Partner Development | Person | A representative of Cerity Partners who provided strategic insight into the benefits of the merger. |
| John Bratschi | Managing Partner and Wealth Advisor | Person | A representative of Prio Wealth discussing the strategic alignment and client benefits from the merger. |