$520 Million Summit Capital merges with Merriman Wealth in Focus Financial network

Summit Capital Management, a Seattle-based wealth manager with more than a half-billion dollars of assets, has merged with registered investment advisory firm Merriman Wealth Management. The acquisition is the first for Merriman since the firm joined Focus Financial Partners' network of RIAs in December 2012, according to a statement Monday from Focus Financial. Summit, which also has an office in Spokane, Wash., has $520 million of assets, according to an ADV document filed last month with the Securities and Exchange Commission. The merger increases assets at Seattle-based Merriman to about $2 billion based on the firm's own ADV form last month, which indicates it oversaw almost $1.5 billion. The deal helped Merriman to expand into Spokane, Colleen Lindstrom, Merriman's CEO, said by phone. “We were looking to expand regionally and they have a really strong presence over there." Focus Financial has been building a network of independent wealth management firms since it was founded in 2006.