Cerity Partners Merging With Agility

The New York-Based RIA Will Manage About $100 Billion In Client Assets After Acquiring The Investment Outsourcing Business of Perella Weinberg.
Kurt Miscinski, CEO of Cerity Partners, and Chris Bittman, Partner, CEO and CIO of Agility
Kurt Miscinski, CEO of Cerity Partners, and Chris Bittman, Partner, CEO and CIO of Agility
Jeff Berman, Contributing Editor & Reporter, Wealth Solutions Report
Jeff Berman, Contributing Editor & Reporter, Wealth Solutions Report

New York-based RIA Cerity Partners announced that it will manage about $100 billion in client assets after acquiring and merging with Denver-based Agility. Agility is the investment outsourcing business of investment bank Perella Weinberg Partners.

Adding Agility will expand Cerity’s capabilities via outsourced chief investment officer (OCIO) services to family offices, individual investors, non-profit organizations and ultra-high net worth (UHNW) investors.

After the transaction closes, Agility will form Cerity Partners OCIO. Financial terms of the deal weren’t disclosed. “We expect the deal to close no later than June,” Cerity said Tuesday.

Agility, founded in 2007, had $15 billion in assets under management (AUM) as of Dec. 31, according to its website. Cerity was founded in 2009.

Broadhaven Capital Partners served as financial advisor and Willkie Farr & Gallagher served as legal advisor to Cerity.

Meanwhile, Houlihan Lokey and Perella served as financial advisors and Davis Polk & Wardwell served as legal advisor to Perella Weinberg Partners Capital Management. Goodwin Procter served as legal advisor to Agility.

Agility’s “experienced investment professionals and … OCIO practice will serve as a strategic complement to Cerity Partners’ existing full-service wealth management services,” Cerity said, adding Agility’s investment team will establish an OCIO investment committee within Cerity.

“We are thrilled to welcome the Agility team, which brings nearly two decades of experience and unparalleled expertise in serving non-profit organizations, businesses and ultra-high-net-worth clientele,” according to Kurt Miscinski, CEO of Cerity Partners. “This partnership will reinforce our ability to serve this very important segment of the market,” he said.

“We are excited to join Cerity Partners and look forward to building upon the success that we had within Perella Weinberg Partners Capital Management (PWPCM) for the last 17 years,” according to Chris Bittman, Partner, CEO and CIO of Agility.

“At Cerity Partners, we will preserve the elements of our investment research and processes that supported our growth within PWPCM, while benefiting from the additional scale and services that Cerity Partners can provide to new and existing clients,” Bittman said.

Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.

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