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