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.
FINRA's proposed rule filing would create a new 10-day fraud delay and nearly triple the maximum hold period for exploited senior investors
Fueled by a recent shot in the arm from private equity firm Carlyle, MAI adds a $490 million Atlanta RIA as it keeps building out its national footprint.
“Todd Burkhalter organized what is likely the largest Ponzi scheme in Georgia history,” said one FBI official.
With experience from Goldman Sachs and TD Ameritrade, the RIA's newest SVP hire adds to a recent wave of executive departures from hybrid Osaic.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
