The New York-based RIA aggregator Cerity Partners is bulking up its West Coast presence with the acquisition of Bingham Osborn & Scarborough, a San Francisco-based firm with $5 billion in client assets.
The deal, which will push Cerity’s total assets up to near $40 billion, will reportedly provide some liquidity to private equity investor Kudu Investment Management, a minority owner of BOA.
According to an announcement Wednesday morning, the combined firm will operate under the Cerity Partners name.
"Cerity Partners and BOS are an ideal match, in terms of culture, values, business model, investment philosophy and professional standards," Kurt Miscinski, Cerity Partners chief executive and president, said in a prepared statement.
"The merger allows us to enhance our clients' experience and broaden the breadth and depth of our expertise. It also significantly deepens our presence in and commitment to San Francisco and Silicon Valley, a region that continues to create meaningful wealth for many individuals and families,” he added.
Founded in 2009, Cerity has 15 offices across the country, delivering estate, financial, tax and compensation and benefit planning, along with tax preparation, personal financial administration, retirement plan advisory and investment management services to its private and corporate clientele.
Established in 1985, BOS is dedicated to serving the sophisticated requirements of high-net-worth, Bay Area individuals and families, including many of the region's top corporate executives and entrepreneurs.
"Joining together with Cerity Partners accelerates the development of our long-term vision and allows us to offer a greater breadth and depth of services," said BOS CEO Kevin Dorwin, who will become Cerity’s San Francisco market leader.
The merger will include the creation of two new leadership positions within the organization: BOS president and chief operating officer Carol Benz will become chief people officer of Cerity Partners. In this role, Benz will oversee the recruitment and growth of the firm's people and culture.
Additionally, BOS principal David Newson will become chief marketing officer of Cerity Partners.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
