Chicago-based Cerity Partners has acquired Karsten Advisors, a Fort Worth, Tex.-based hybrid firm manages $500 million in assets.
Cerity now has nearly $22 billion in assets under advisement. Last month, it bought Blue Prairie Group, which oversees $11 billion in retirement plan assets.
In addition to its headquarters in Fort Worth, Karsten maintains offices in Colleyville and Hurst, Tex., as well as in Denver and Louisville, Colo.
Cerity Partners, which changed its name from HPM Partners in January, has the private-equity backing of Lightyear Capital, which bought a 50% stake in the registered investment adviser in January 2018.