Cerity Partners, a New York City-headquartered independent wealth management firm for individuals, families, nonprofits, corporations, and other clients, has acquired San Francisco-based Jurika, Mills & Keifer, an independent, fee-only investment advisory firm for ultra-high-net-worth clients.
The merger was supported by DeVoe and Company, the strategy and mergers and acquisitions consultant for RIAs that’s based in San Francisco.
The terms of the deal were undisclosed, but a spokesperson for DeVoe and Co. said that Jurika, Mills & Keifer is being absorbed by Cerity Partners and will henceforth do business under that name. The JMK team, which has approximately $300 million in assets under management, will stay in its current location.
In a press release, JMK President and CIO Karl Mills explained, “We were seeking a firm that could help us expand our wealth management capabilities with respect to tax, trust and estate planning, executive compensation, insurance, and philanthropy.”
The DeVoe spokesperson added, “These additional wealth management capabilities are important services for UHNW and multifamily offices.”
This is Cerity Partners' fifth transaction of the year. It has 26 offices across the country.
“We are excited to welcome Karl Mills, Mikel Keifer, and their colleagues to our Cerity Partners family,” said Claire O’Keefe, partner and head of partner development at Cerity Partners, in a statement. “They share our values, commitment to serving the best interests of our clients, colleagues, and communities, and excitement about building an enduring partnership.”
The Cerity-JMK merger is DeVoe & Co.’s third transaction of the year. In February, it facilitated Emigrant Partners’ purchase of a minority stake in SteelPeak Wealth. In March, it supported the merger of Equius Partners and Wealth Enhancement Group.
“DeVoe & Co. has a robust pipeline currently,” said the DeVoe spokesperson. This comes despite what the spokesperson called a “flattening” in overall M&A activity among RIAs this year. “Based on our current analysis, we expect M&A to be down in 2023 for the first time in many years,” the spokesperson continued. “Of course, it's still early in the year and a lot could happen.”
As for the Cerity-JMK deal, DeVoe & Co. founder and CEO David DeVoe said in a press release, “We are delighted to have helped another client find their very best partner. This strategic combination will enable Jurika, Mills & Keifer to maintain their excellent client service while providing current and future clients with a broader set of capabilities.”