Cerity Partners was named as one of the top 300 registered investment advisers in the US by the FT. After increasing between 2015 and 2018, the median advisory company in this sixth annual FT 300 Top Registered Investment Advisers list managed $1.7bn in assets — the same level as last year. The overall AUM of the FT 300 advisers did rise, though, from $1.1tn to $1.2tn.
Cerity Partners is expanding its ultra-high-net-worth footprint to Texas and Colorado.Formerly known as HPM Partners, Cerity will acquire Karsten Advisors, a Fort Worth-based wealth management firm with $500 million in client assets. This is the first acquisition for the firm since merging in April with the Blue Prairie Group, an $11 billion retirement and investment consulting firm. The merger allows the national RIA, backed by a 50% equity stake from private equity firm Lightyear Capital, to expand into the Fort-Worth and Denver markets, as it continues to grow its network for ultra high-net-worth clients.