Cerity Partners will reach $100 billion in assets when a deal to buy Perella Weinberg Partners Capital Management's $15 billion OCIO division closes later this year, and Validus Capital has acquired a CPA from Mariner Wealth-affiliated AdvicePeriod to run the multifamily office. services.
In previously reported talent of the week news:
In previously reported news about the deals:
In related news: Q&A: AlTi Global CEO to go public in a challenging market
Cerity Partners Hits $100 Billion With Denver-Based OCIO Firm Agility
Cerity Partners is joining forces with a provider of outsourced investment solutions for nonprofits, family offices, corporations, healthcare organizations and others, the firm announced this week. The deal will bring Cerity to approximately $100 billion in client assets.
Denver-based Agility, owned by Perella Weinberg Partners Capital Management, will become Cerity Partners OCIO when the acquisition closes later this year. He will also establish an OCIO investment committee within Cerity. Agility was managing $15 billion in foreign assets at the end of 2023, according to Davis Polk, the law firm that advised Perella on the sale.
“We are excited to welcome the Agility team, which brings nearly two decades of experience and unparalleled expertise in serving nonprofits, businesses and extremely high net worth clients,” Cerity CEO Kurt Miscinski said in a statement. . “This partnership will strengthen our ability to serve this very important market segment.”
“At Cerity Partners, we will retain elements of our research and investment processes that supported our growth within PWPCM, while taking advantage of the scale and additional services that Cerity Partners can provide to new and existing clients,” added the CEO/CIO Agility Chris Bittman.
Founded in 2009, Cerity Partners has been minority backed by private equity firm Lightyear Capital since 2017 and majority owned by Genstar Capital as of 2022. With more than 900 employees, including approximately 700 advisors, Cerity serves more than 15,700 households, approximately 57% of which are considered affluent. The firm also serves approximately 600 retirement plans involving more than $16 billion under management and approximately 95 institutional investors.
Validus Capital Taps Mariner Advisor to manage multifamily office services
Los Angeles-based Validus Capital, an RIA that manages about $1.5 billion for 147 ultra-wealthy families and $98 million in pooled investments, has tapped a former Mariner Wealth adviser to serve as managing director of office services for many family.
Wayne Park, a CPA, was registered as an advisor under Mariner Wealth from September 2022 to April 1, 2024, where he said he “helped UHNW families and related entities navigate complex tax structures, estate planning, investments, gifts and income strategies” in Marine Related Firm, AdvicePeriod. Prior to that, he provided tax compliance and advisory services to the ultra-wealthy clients of Apercen Partners, a tax firm focused on venture, hedge and private equity partners, entrepreneurs and corporate executives.
“Wayne has a solid foundation of skills in accounting, tax compliance, estate planning,” Validus strategic counsel Gina Sasso said in a statement. “His hiring further demonstrates our commitment to building the Multi-Family Office Services platform as our clients' financial management, tax and estate planning needs evolve.”
Park will work from Validus' headquarters in LA to provide comprehensive tax, estate and wealth transfer services, as well as “delivering value to clients through sophisticated family office reporting that includes insight and guidance from the advisors of external to a cohesive framework,” according to the release. .