New York City-based Cerity Partners has expanded its presence in New England and raised its assets under management to $28 billion with the addition Bainco International Investors (Bainco), according to an announcement today.
Founded by Sam Bain in 1987, the Boston firm brings $1.1 billion AUM and 16 professionals to Cerity Partners. The firm provides investment and wealth management services to wealthy and ultra-high-net-worth individuals, predominantly business owners, executives, and families with multigenerational wealth.
Bainco chose to merge with Cerity Partners because of its advocacy for clients, partnership culture, full-service capabilities, and efforts supporting organic growth, according to the release.
“The core values and philosophies of Bainco are parallel to those of Cerity Partners, and we are beyond excited to join the firm,” Bain said in a statement. “Working hand in hand with our new colleagues at Cerity Partners will allow us to expand the resources available to our financial advisors and ultimately enhance the value we deliver to our clients. We are grateful for the long-term opportunities this merger provides,” he added.
Kurt Miscinski, president and CEO of Cerity Partners, said Cerity Partners is gaining a talented group of individuals, whose practice and values align with their business ideals and areas of expertise. “We look forward to leveraging their 30-plus year history of delivering holistic financial advice in the New England region,” he said.
ECHELON Partners served as financial advisor to Bainco International Investors for this transaction.