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Saturday, December 2, 2023

Cerity Companions Provides $2.5B AJ Wealth

Cerity Companions has added a New York Metropolis–based mostly agency with roughly $2.5 billion in belongings, the agency introduced Wednesday.

AJ Wealth gives household workplace providers to round 140 ultra-wealthy people and greater than 100 firms and trusts, with a distinct segment concentrate on working with non-public fairness, hedge fund and enterprise capital professionals, C-suite executives and enterprise house owners.

The agency has adopted Cerity branding within the deal, which closed on June 30.

Touted as a merger, the acquisition strengthens Cerity’s ultra-high-net-worth and complicated wealth administration capabilities. Based in 2012 by Andrew Cooper and Justyn Volesko, each of whom previously labored in Goldman Sachs’ household workplace division, the 45-person AJ Wealth staff has experience in property and tax planning points for purchasers with carried pursuits of their agency’s funding funds, in response to the announcement.

“Their extremely custom-made household workplace service is exclusive in our trade,” Cerity President and CEO Kurt Miscinski mentioned in an announcement. “Our merger permits us to broaden the depth of our service providing and can speed up our agency’s progress in an vital and increasing consumer phase.”

“Our purchasers have advanced monetary conditions and are searching for somebody to supervise their complete monetary image,” added Cooper. “Our expertise matched with Cerity Companions’ big selection of providers and funding capabilities will assist make this partnership very profitable for our purchasers and agency. We look ahead to leveraging our experience to create a best-in-class household workplace service for Cerity Companions.”

“Different suiters have been extremely disenchanted to lose this one,” mentioned Dan Erichson, managing director at Park Sutton Advisors, the boutique funding financial institution representing AJ Wealth within the transaction.

“This was one of many extra wanted targets I can keep in mind representing up to now a number of years,” he mentioned. “It is a very quick rising NYC agency, with a few of the deepest planning experience we now have seen. They’ve a novel area of interest working with PE and hedge fund professionals, managing their steadiness sheets, capital calls, invoice pay and extra.”

Additionally based mostly in New York Metropolis, Cerity was based in 2009 and employs near 400 advisors providing a spread of wealth administration and household workplace providers to people and households, enterprise house owners, executives and charities, in addition to company retirement plan session. With 29 places of work in 15 states, the agency serves greater than 11,600 purchasers with some $65 billion in belongings.

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