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.”
Meanwhile, a Minnesota-based advisor from Edward Jones has found a new home within Osaic.
Meanwhile, Carson Group extends its acquisition strategy with a Maryland-based advisory practice.
Financial advisor Craig Robson shares the lessons he learned after leaving Merrill Lynch to set up his own practice in the fourth installment of InvestmentNews' new 'Independence Stories' series.
With an aging advisor population, report looks at demographics, structures.
Formerly Fidelity Investments leader will drive move to comprehensive services.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
