Mercer Global Advisors has acquired Macon, Georgia-based Day & Ennis, a registered investment advisor with 250 clients and $400 million under management.
John Day, founder and co-partner of the 35-year-old RIA, said the need to scale was a driving force behind the deal.
“As my partners and I planned for the future, we realized we needed to add scale to our business as well as bring other expertise under our business tent,” Day said in a statement.
“For us, it was a decision to either build it ourselves or join an existing larger firm that shared our mission, vision, and values, with the scale and additional in-house services we were looking to add,” he added.
Denver-based Mercer is an aggressive acquirer with more than $35 billion in advisory assets under management.
The acquisition announcement comes a month after Mercer raised $1 billion in recapitalization funding from a new private equity partner.
David Barton, Mercer's vice chairman, who led the acquisition of Day & Ennis, said the management team was a key benefit of the acquisition.
“In our industry, you are only as good as your people, and their people, like our people, are top notch,” Barton said. “Overall we believe the winners, are the clients. Day & Ennis are deeply respected in Georgia and the communities they serve, and we are honored to be partnering with them.”
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LPL Financial and Raymond James also add independent advisors from Osaic and Edward Jones in Michigan and Arizona.
The SEC-registered RIA advises on more than $1 billion in client assets, with no advisory fee through 2027 and no human financial advisors.
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