New York City-based Cerity Partners said Friday that it is acquiring Graypoint, an Albany, New York–based RIA with $4.5 billion in assets under management (AUM).
Cerity is “targeting” a Sept. 30 close for the transaction, a company spokesperson told WSR on Monday, noting Cerity’s AUM is now $133 billion. The merged companies will operate under the Cerity Partners name, it said.
Graypoint focuses on corporate executive clients, high and ultra-high net worth individuals and institutions, and works with over 60 nonprofits in the Albany area, which is New York’s capital region, and beyond.
Following the closing, Daniel Nolan, CEO and President of Graypoint, will take on the role of Partner and Vice Chairman of Cerity Partners.
“We’re truly excited to welcome our new partners and colleagues from Graypoint to our firm,” Kurt Miscinski, CEO and President of Cerity, said in a news release. “Their breadth and depth of expertise are a wonderful complement to our firm. We look forward to building a world class firm with them.”
“This partnership is an extension of the same core values upon which Graypoint was founded,” according to Nolan. “By joining forces with Cerity Partners, we are doubling down on our commitment to help clients preserve, steward and grow the wealth they’ve created—and to help them define where their wealth meets purpose.”
Republic Capital Group is advising Graypoint in the merger. Alston & Bird is serving as Graypoint’s legal counsel, while Lowenstein Sandler is legal counsel for Cerity.
“It has been an honor and privilege to support the Graypoint team through this next chapter with Cerity,” said Blake Cargill, Partner and Managing Director at Republic. “Both firms’ commitment to clients and culture laid a strong foundation for a successful partnership.”
In June, Cerity announced it was merging with San Diego-based Von Berge Wealth Management. In April, Cerity announced it was merging with Raleigh, North Carolina-based Cook Wealth and Santa Barbara, California-based West Coast Financial.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
