Cerity Completes Third RIA Acquisition in January, Adding $8.6 Billion in AUM

Cerity Partners LLC, a $62 billion-dollar registered investment advisor, announced that the firm has acquired Maryland Capital Management, a registered investment advisor headquartered in Towson, Maryland with roughly $1.9 billion in client assets under management.

Cerity has been on an acquisition binge thus far in 2023, having also merged with ARGI Financial, an RIA based in Louisville, Kentucky which most recently reported having $4.8 billion in client assets under management and San Francisco-based Ashfield Capital Partners which reported $1.9 billion in client assets under management.

Headquartered in New York, Cerity Partners changed private equity backers last summer when Genstar Capital purchased a controlling stake in the company from Lightyear Capital. Lightyear Capital retains a minority position in Cerity Partners.

Cerity Partners has had a few various transactions since, but the deal with ARGI is the largest it has achieved with Genstar’s backing. Previously, the largest transaction since the private equity firm had Genstar’s backing was in October 2022, when it merged in $4.2 billion Los Angeles RIA Covington Capital Management.

Cerity Partners LLC is a $62 billion New York—based registered investment advisor.

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