Cerity Partners Moves into Southern Market with $1.2B Covenant Partners Merger

Mega-RIA Cerity Partners has merged with Nashville-based Covenant Partners, a wealth management firm, marking Cerity’s entry into the Tennessee market. 

Covenant Partners, founded in 1997 and led by co-founders Todd Glisson and J. Banks Link, offers portfolio management, financial planning, and financial advisory services to high-net-worth clients. 

As part of the merger, Covenant Partners will add its 15-person team to Cerity’s roster and operate under the RIA’s name, Cerity said. 

Covenant Partners provides services to about 140 clients across 1,044 accounts and custodies with Charles Schwab, according to the firm’s latest Form ADV updated on February 12. 

“Clients of Covenant Partners will benefit from Cerity Partners’ full suite of wealth management and institutional investment services while continuing to receive the personalized, high-touch experience they have come to expect from us,” Glisson said. 

Specific financial terms of the merger were not disclosed. 

So far, Cerity Partners has announced several transactions for the year, including the mergers with $1.4B Texas-based wealth manager Austin Private Wealth and Seattle-based Verus Investments, which oversees about $1.2 trillion in assets under advisement. 

New York City-based Cerity Partners, founded in 2009, is majority-owned by private equity firm Genstar Capital and manages a total of roughly $161 billion for about 26,000 accounts, according to its Form ADV last updated on March 31.