Investment advisory firms Cerity Partners and Blue Prairie Group have agreed to join forces.

The combined group will manage more than $21bn in client assets.

Blue Prairie managing partner Ty Parrish will become practice leader of the Retirement Plan Services Group at the merged entity.

“The merger is very much strategic and positions Cerity Partners as one of the few firms in the country with the expertise and depth of resources to provide end-to-end solutions for employers and personalised advice for employees,” Parrish noted.

Cerity caters to HNWIs, families and companies. The New York-based firm was previously known as HPM Partners.

Last January, private equity firm Lightyear Capital acquired Emigrant Bank’s majority stake in HPM Partners.

Illinois-based Blue Prairie works with retirement plan sponsors, foundations, endowments as well as private clients.

Blue Prairie founder Matt Gnabasik said: “Combining with Cerity Partners was a clear next step for our firm as we both look to expand and enhance our offerings.

“There is a growing trend of employers who want to provide comprehensive, objective financial advice services to their employees, and Cerity Partners is widely considered a pioneer in the field of financial coaching and executive financial counseling.”