Cerity Partners, a leading New York-based registered investment advisor, is merging with Agility, an outsourced chief investment officer (OCIO) business serving nonprofits, family offices, and ultra-high-net-worth individuals.
Denver-based Agility previously served as OCIO within Perella Weinberg Partners Capital Management (PWPCM).
Cerity says the additions will bring the total client assets it advises to approximately $100 billion. The company was ranked 11th in Barons The 2023 Top RIAs list reported approximately $80.6 billion in assets under management in their latest Form ADV regulatory filing.
Cerity CEO Kurt Miscinski praised the Agility team's “unparalleled expertise” in its work advising corporate, nonprofit, and ultra-high-net-worth clients. “This partnership strengthens our ability to serve this very important segment of the market.”
The deal continues Cerity's string of acquisitions backed by private equity firm Genstar Capital. These include the acquisition of ARGI Financial, a Kentucky-based RIA with $4.8 billion in assets as of last year's acquisition, and AJ Wealth, a New York firm with $2.4 billion in assets.
Cerity said the deal should be completed “by June at the latest.” The entire Agility staff, or more than 50 people, will join Cerity, the company said.
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Agility's investment team will establish an OCIO committee within Cerity to serve its network of advisors. Cerity describes the additions as a “strategic complement” to its existing wealth management services.
Agility's institutional customers include endowments, foundations, corporations, and healthcare organizations.
Agility CEO and CIO Chris Bittman says he and his team are “looking forward to building on the success” at Perella Weinberg, a New York-based investment banking advisor. .
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“At Cerity Partners, we are looking to maintain the investment research and process elements that have supported our growth within PWPCM, while benefiting from the additional scale and services that Cerity Partners can offer to new and existing clients. Here we go,” Bittman said.
