Cerity Companions’ newest deal crops a flag in New York’s Capital Area with the acquisition of Graypoint, an Albany-based $4.5 billion agency. As part of the deal, President and CEO Daniel Nolan will develop into a Cerity associate and vice chairman.
Graypoint was based in 2019, ensuing from a merger between Bender Lane Advisory and Hugh Johnson Advisors, and at present serves over 700 shoppers, together with high-net-worth and ultra-high-net-worth people (together with company executives) and establishments. Graypoint will function below Cerity’s model.
In accordance with Nolan, the deal is an “extension of the identical core values” Graypoint had at its founding.
“By becoming a member of forces with Cerity Companions, we’re doubling down on our dedication to assist shoppers protect, steward and develop the wealth they’ve created—and to assist them outline the place their wealth meets goal,” he mentioned.
In accordance with Cerity, the deal will enhance its presence in Albany and the encompassing metropolitan area and its institutional pedigree. (Graypoint works with over 60 nonprofits round Albany and different areas.)
The take care of Graypoint is Cerity Companions’ second multi-billion-dollar deal this yr. In January, the New York-based RIA with roughly $133 billion in managed belongings purchased Prio Wealth, a Boston-based agency with $4.1 billion in belongings. The deal expanded Cerity’s presence in Boston, and like Graypoint, Prio got here below Cerity’s model.
Moreover, Cerity struck offers in December to purchase Fishman Block Diamonda California-based accounting, tax and enterprise advisory agency that expanded Cerity’s tax advisory companies and added 46 workers. Earlier in 2024, Cerity acquired Agilitya Denver-based outsourced CIO platform owned by Perella Weinberg Companions Capital Administration. (The deal took Cerity above $100 billion AUM.)
Cerity was based in 2009. Since 2017, it has obtained minority backing from non-public fairness agency Lightyear Capital and has been majority-owned by Genstar Capital since 2022. The agency has greater than 900 workers and about 700 advisors. It really works with greater than 15,700 households, roughly 57% of that are thought-about ultra-wealthy.