Cerity Partners has added a New York City-based company with approximately $2.5 billion in assets, the company announced Wednesday.
AJ Wealth provides family office services to approximately 140 ultra-high net worth individuals and more than 100 corporations and trusts, with a niche focus on working with private equity, hedge fund and venture capital professionals, senior executives and business owners.
The company adopted the Cerity branding as part of the deal, which closed on June 30.
Touted as a merger, the acquisition strengthens Cerity’s capabilities in wealth management for high net worth individuals and complex wealth management. The 45-strong AJ Wealth team was founded in 2012 by Andrew Cooper and Justyn Volesko, both of whom previously worked in Goldman Sachs’ family office division at the time of the announcement.
“Your highly customized family office service is unmatched in our industry,” said Kurt Miscinski, Cerity’s President and CEO, in a statement. “Our combination allows us to increase the depth of our service offering and will accelerate our business’ growth in an important and expanding customer segment.”
“Our clients have complex financial situations and are looking for someone to oversee their entire financial picture,” added Cooper. “Our experience coupled with Cerity Partners’ broad range of services and investment opportunities will help make this partnership very successful for our clients and our company. We look forward to using our expertise to create a best-in-class family office service for Cerity Partners.”
“Other prospects were very disappointed that they lost this one,” said Dan Erichson, managing director of Park Sutton Advisors, the boutique investment bank representing AJ Wealth in the transaction.
“This was one of the most coveted goals I’ve represented in recent years,” he said. “This is a very fast growing New York company with the most comprehensive planning capability we have seen. They have a unique niche of working with PE and hedge fund professionals, managing their balance sheets, capital calls, bill payments and more.”
Cerity is also based in New York City and was founded in 2009. The firm employs nearly 400 consultants and provides a range of wealth management and family office services, as well as advice on corporate retirement plans, to individuals and families, business owners, executives and charities. With 29 offices in 15 states, the company serves more than 11,600 clients with assets of around 65 billion US dollars.