Mercer Global Advisors, a $38 billion private equity-backed registered investment adviser, has acquired HYA Advisors, a $1.2 billion registered investment adviser based in Springfield, Missouri.
The deal, which is being described as a merger, represents another example of outside investor capital driving consolidation in the wealth management space. Denver-based Mercer, which was established in 1985, is majority-owned by Oak Hill Capital and Genstar Capital.
“The partners at HYA have built a great business, a strong team and they are a highly respected group of wealth management professionals,” Mercer Chief Executive Dave Welling in a statement.
“We are thrilled to be opening a new location in Springfield, Missouri and look forward to working together to deliver meaningful results for our shared clients,” he said.
HYA was founded in 1991 by Dennis Helm and Dean Young. The firm is currently led by Brent Singleton, Mike Sharp, Jeff Bilberry and Holly Gray.
“My partners and I were at a place where the business had grown substantially, and we knew we could benefit from having the expertise of a larger firm to help take us to the next level,” Singleton said in the statement. “We also knew that we wanted to expand the financial planning services available to our clients.”
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