Cerity Partners, an RIA, bought the Los Altos, California-based wealth management firm Sullivan & Serwitz in a merger that’s adding $1 billion in assets under management to Cerity Partners, it said Tuesday.
Cerity Partners has offices in Orange County and Los Angeles. “The team from S&S will provide presence and growth opportunities in Northern California and started operating under the Cerity Partners’ banner” as of Jan. 1, Cerity Partners said.
Since the purchase, the firm now manages about $26 billion in assets, it noted without providing the purchase price. It didn’t immediately respond to a request for comment.
The S&S acquisition comes only one week after Cerity Partners said it merged with EMM Wealth, adding that New York-based wealth management firm’s $3 billion in AUM to Cerity.
Echelon Partners served as the financial advisor to S&S in the sale, Echelon pointed out in a separate announcement. The purchase closed Dec. 31 and “terms of the deal are not being disclosed,” Carolyn Armitage, managing director at Echelon, told ThinkAdvisor. S&S co-owner Robert Sullivan “reached out to me regarding a desire to design a succession plan almost three years ago,” she said, adding that after the S&S owners evaluated “their options, with Echelon’s assistance, it became evident that an internal transition wasn’t in the cards.”