Cerity Companions will attain $100 billion in belongings when a deal to purchase the $15 billion OCIO division of Perella Weinberg Companions Capital Administration closes later this 12 months, and Validus Capital has scooped up a CPA from Mariner Wealth-affiliated AdvicePeriod to go up multi-family workplace providers.
In earlier reported expertise information of the week:
In earlier reported deal information:
In associated information: Q&A: AlTi World CEO on Going Public in a Difficult Market
Cerity Companions Hits $100B with Denver-based OCIO Agency Agility
Cerity Companions is becoming a member of forces with a supplier of outsourced funding options for non-profits, household workplaces, firms, healthcare organizations and others, the agency introduced this week. The deal will carry Cerity to roughly $100 billion in consumer belongings.
Denver-based Agility, owned by Perella Weinberg Companions Capital Administration, will grow to be Cerity Companions OCIO when the acquisition closes later this 12 months. It should additionally create an OCIO funding committee inside Cerity. In keeping with Davis Polk, the authorized agency that suggested Perella on the sale, Agility was managing $15 billion in outsourced belongings on the finish of 2023.
“We’re thrilled to welcome the Agility staff, which brings practically twenty years of expertise and unparalleled experience in serving non-profit organizations, companies and ultra-high-net-worth clientele,” Cerity CEO Kurt Miscinski mentioned in a press release. “This partnership will reinforce our capacity to serve this essential section of the market.”
“At Cerity Companions, we are going to protect the weather of our funding analysis and processes that supported our development inside PWPCM whereas benefiting from the extra scale and providers that Cerity Companions can present to new and present shoppers,” added Agility CEO/CIO Chris Bittman.
Based in 2009, Cerity Companions has been minority backed by non-public fairness agency Lightyear Capital since 2017 and majority-owned by Genstar Capital since 2022. With greater than 900 workers, together with about 700 advisors, Cerity serves greater than 15,700 households, roughly 57% of that are thought-about ultra-wealthy. The agency additionally serves round 600 retirement plans comprising greater than $16 billion below administration and about 95 institutional traders.
Validus Capital Faucets Mariner Advisor to Handle Multi-Household Workplace Companies
Los Angeles-based Validus Capital, an RIA managing about $1.5 billion for 147 ultra-wealthy households and $98 million in pooled investments, has scooped up a former Mariner Wealth advisor to function managing director of multi-family workplace providers.
Wayne Park, a CPA, was registered as an advisor below Mariner Wealth from September 2022 till April 1, 2024, the place he reportedly “helped UHNW households and intently held entities navigate difficult tax buildings, property planning, funding, reward and earnings methods” at Mariner-affiliated agency, AdvicePeriod. Previous to that, he supplied tax compliance and consulting providers for ultra-wealthy shoppers of Apercen Companions, a tax agency targeted on enterprise, hedge, and personal fairness companions, entrepreneurs and company executives.
“Wayne has a strong basis of expertise in accounting, tax compliance, property planning,” Validus Strategic Advisor Gina Sasso mentioned in a press release. “His hiring additional demonstrates our dedication to constructing the Multi-Household Workplace Companies platform as our shoppers’ monetary administration, tax and property planning wants evolve.”
Park will work from Validus’ L.A. headquarters to supply complete tax, property and wealth switch providers, in addition to “ship worth to shoppers by way of refined household workplace reporting that includes insights and steerage from exterior advisors right into a cohesive framework,” in keeping with the announcement.
