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Cerity Partners announced today it is merging with Permit Capital Advisors, a firm that has catered to ultra-high-net-worth families and foundations, primarily in the Philadelphia region.
NEW YORK, May 3, 2022 — Cerity Partners, one of the foremost independent wealth management firms in the U.S., announced today it is merging with Permit Capital Advisors, a firm that has catered to ultra-high-net-worth families and foundations, primarily in the Philadelphia region. The combined firm will operate under the Cerity Partners name.
For Cerity Partners, the combination enhances its professional talent to serve ultra-high net worth clients. As a Barron’s-ranked Top 100 RIA Firm, Cerity Partners is among the nation’s fastest-growing wealth management firms. Cerity Partners President and CEO Kurt Miscinski sees the merger with Permit Capital Advisors as a complement to its expertise and capabilities.
“The variety of unique skills and talent that Permit Capital Advisors brings to Cerity Partners is a valuable addition to our firm. We look forward to collaborating with our new colleagues who share our vision for how to serve clients,” Miscinski says.
Permit Capital Advisors also helps anchor Cerity Partners in a new market. Claire O’Keefe, Cerity Partners Head of Corporate Development, adds that, “we see this partnership as a terrific way to enhance the breadth of our firm’s services with talented partners and colleagues in the Philadelphia market.”
Cerity Partners delivers a full suite of wealth management solutions to serve the complex financial lives of its clientele. These services include investment management, estate, financial, tax, and compensation and benefit planning, as well as tax preparation, personal financial administration, and retirement plan advisory services. For Adam Landau, Co-Chief Executive Officer and Chief Investment Officer of Permit Capital Advisors, the partnership “is a perfect fit,” not just because of the like-minded culture shared by both firms, but also because the benefits are mutual. While clients of Permit Capital Advisors gain expanded and enhanced service offerings, Cerity Partners welcomes additional alternative investment expertise, as this capability continues to be of interest to its clients.
“Our clients work with us because we are sophisticated, creative investors, particularly within the alternative investment space, which provides opportunities to enhance returns and mitigate risk in an ever-evolving investment landscape. Niche and emerging investment managers find much value in working with us and provide us with access to a broader range of investment strategies,” Landau says. “That experience, matched with the wide range of services that Cerity Partners offers, makes this partnership powerfully differentiated in our industry.”
Permit Capital Advisors manages about $1.6B in client assets and serves an ultra-high-net-worth clientele. One of Permit Capital Advisors’ additional areas of expertise is its work with foundations and endowments.
Working with non-profit organizations and promoting financial literacy are two of the firm’s pillars, says Mimi Drake, Co-Chief Executive Officer of Permit Capital Advisors. Drake, who is also a Founding Board Member and Chair Emerita of 100 Women in Finance, a global organization with more than 20,000 members on five continents, is enthusiastic about the benefits the merger will have on both clients and colleagues.
She notes “We have a wide range of clients: some seeking current income and some seeking to maximize long-term growth. Some are focused on multigenerational planning, and others are deeply interested in ESG and impact investing. In the end, having the additional resources of Cerity Partners enhances not only our solutions across these diverse financial needs, but also our ability to attract exceptional talent to better serve clients.”
Landau and Drake, who will serve as Co-Market Leaders, founded Permit Capital Advisors in 2011 with Kimberly Crowley, who will also join Cerity Partners.
Founded in 2009, Cerity Partners is a nationally recognized financial and wealth advisory firm serving high-net-worth individuals and their families, and non-profit organizations and foundations throughout the U.S. As a fiduciary, the firm’s in-house experts are passionate about and committed to providing objective financial advice and oversight. Cerity Partners manages assets totaling $45 billion.
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