Mercer adds second $1 billion-plus RIA in as many days
The aggregator announced the addition of Sanford Advisory Services, a $1.1 billion firm based in Portage, Michigan, as private equity backing continues to drive acquisitions in the wealth management space.
Denver-based RIA aggregator Mercer Global Advisors announced its second acquisition in as many days Wednesday morning with the addition of Sanford Advisory Services, a $1.1 billion firm based in Portage, Michigan.
The deal, which pushes Mercer’s total assets under management to more than $39 billion, followed the Tuesday announcement of its acquisition of HYA Advisors, a Springfield, Missouri-based firm managing $1.2 billion.
“I loved that we could offload back-office activities to Mercer Advisors, creating excess capacity for us to do what we do best, service existing clients and win new ones,” Sanford partner Scott Williams said in a statement.
Sanford was founded in 2000 and serves approximately 1,100 clients.
Mercer, founded in 1985, is majority-owned by private equity investors Oak Hill Capital and Genstar Capital.
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