Mercer Advisors has expanded its network of registered investment advisory firms with the acquisition of a $720 assets under management business in San Diego, California.
Private Asset Management Inc. focuses on high-net-worth and ultra-high-net-worth clients, has been operating for 30 years, and is currently led by CEO Jeffrey S. Witt.
“When looking to combine with a new partner, it was essential that they too believe in providing their clientele with an enhanced service offering, not limited to just financial planning and investment management,” Witt said.
The firm has around 600 clients and a team of wealth management professionals and Mercer’s acquisition of the business was led by its vice chairman, David Barton.
“Jeff and his team are highly credentialed planners and professionals with a deep bench of talent,” Barton said in a statement. "Since we are in a service industry and you are only as good as your people, the addition of PAM’s impressive team to our service ranks bolsters our capabilities in California and beyond.”
Echelon Partners acted as the exclusive financial advisor, and Withers Bergman served as legal counsel to Private Asset Management.
Mercer Advisors Inc. is a parent company of Mercer Global Advisors Inc., majority-owned by both Oak Hill Capital and Genstar Capital, one of the largest RIAs and and financial planning firms in the U.S. with more $48 billion in client assets. It operates nationally through more than 70 offices and has more than 900 employees.
The firm recently brought in a new private equity investor as part of a recapitalization deal meant to fuel its growth-through-acquisition strategy with the hope of raising $1 billion.
Hadley, whose time at Goldman included working with newly appointed CEO Larry Restieri, will lead the firm's efforts at advisor engagement, growth initiatives, and practice management support.
Survey reveals how cutting through the noise is advisors' superpower.
Gen X is a powerful cohort that controls huge wealth but also faces retirement challenges.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
"I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
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.
