New York-based wealth manager Cerity Partners has merged with Texas-based peer Karsten Advisors.

The merger marks Cerity Partners’s second such deal in this year.

Cerity Partners, established in 2009, focuses on tending to HNWIs and nonprofit organisations.

The company now has eight offices and around $22bn in assets under advisement.

Previously known as HPM Partners, the firm was rebranded this January.

It is backed by private equity firm Lightyear Capital.

Cerity Partners CEO and president Kurt Miscinski said: “An often-overlooked benefit of scale is the new perspectives brought by additional team members.

“We look forward to working with Tom and our other new colleagues from Karsten and using their experiences to build upon our expertise.”

Karsten Advisors offers wealth management advice such as tax planning.

The firm is headed by Tom Karsten, who serves as its president and CIO.

Tom Karsten said: “Much like Karsten Advisors, Cerity Partners offers clients access to financial planners, CPAs and other professionals to ensure that they receive a comprehensive plan that addresses their complete financial situation.

“This is a concept that is central to how we developed our practice and was an absolute necessity when finding a partner.”

Last month, Cerity Partners merged operations with Blue Prairie Group that manages $11bn in assets.