The latest mergers, acquisitions and other corporate transactions in the North American wealth management sector.

Cerity Partners
US wealth firm Cerity Partners has merged with Boston-based Daintree Advisors, adding to Cerity’s presence in the East coast. The combined firm will operate under the Cerity Partners name.

Following this transaction, Cerity, founded in 2009, now advises on more than $45 billion in client assets. 

Daintree, founded in 2010, was advised by ECHELON Partners.

"The greater Boston area is broadly recognized as a growing hub of technology innovation and entrepreneurship in the United States," Cerity Partners CEO and president Kurt Miscinski, said. 

Mercer
Mercer Global Advisors has bought Benemark, a wealth management firm based in Westport, Connecticut holding around $230 million of client assets.

Benemark was founded in 1995 by Robert A Medvey, partner and chief executive, and Gregg G Padilla, partner and chief financial officer. Benemark offers financial planning and portfolio management to high net worth individuals, families, and corporate clientele. Benemark’s entire team will join Mercer Advisors.

FP Transitions, LLC, a transaction advisor and consulting firm serving the registered investment advisor space, represented Benemark in this transaction. The financial terms were not disclosed.

Mercer Advisors is a parent company of Mercer Global Advisors Inc, majority owned by both Oak Hill Capital and Genstar Capital. Based in Denver, Mercer Advisors is privately held.