Mercer Global Advisors adds $1 billion with deal for Goldstein Munger
The San Ramon, California-based family office has a history dating back to 1979.
Mercer Global Advisors has acquired Goldstein Munger & Associates, a $1 billion registered investment adviser based in San Ramon, California.
Mercer, which is majority owned by private equity investors Oak Hill Capital and Genstar Capital, has more than $38 billion under management.
Goldstein Munger has a history dating back to 1979 when principal Richard Goldstein founded R. M. Goldstein Accountancy Corp. GoldsteinEnright Financial Advisers grew out of that firm, and it’s now known as Goldstein Munger.
Robert Munger, a principal, later joined the firm and partnered with Goldstein to help build the family office advisory.
“Our clients are accustomed to a high level of care with near constant contact and support,” Goldstein said in the statement. “As Bob and I contemplated the future of our firm, we concluded that we needed to partner with a firm that had the services and professional staff necessary to provide best-in-class service to ultra-high-net-worth clientele, but also be a fully institutionalized business that survives the lifetimes of our clients, their children, their great grandchildren, and generations to come.”
“Rich and Bob have built a blue-chip family office creating deep and long-lasting relationships with their clients,” said David Barton, vice chairman of Mercer, who led the acquisition of Goldstein Munger for Mercer. “We are delighted Bob, Rich and their staff are joining the Mercer Advisors team.”
[More: Mercer adds second $1 billion-plus RIA in as many days]
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