Mercer Global Advisors announced that it’s acquired The Asset Advisory Group, a wealth management firm in Cincinnati that has $370 million of assets under management.
Mercer, a registered investment adviser that’s majority owned by private equity investors Oak Hill Capital and Genstar Capital, has more than $38 billion under management.
The Asset Advisory Group, which is known as TAAG, was founded in 1988 by Jeannette Jones. She and her partner, the firm’s president, David (Chip) Workman, serve about 160 clients.
“While Chip and I have no intention of retiring anytime soon, the need to have a succession plan was clear and present, and after meeting with several firms we realized implementing a succession plan now would allow Chip and me to focus on what we love doing, serving our clients, as well as offering new services to our clients through our new partnership with Mercer Advisors,” Jones said in a statement.
“We are thrilled to be expanding our presence in Ohio with a team that has deep connections to the community,” Dave Welling, chief executive officer of Mercer Advisors, said in a statement.
On Tuesday, Mercer announced a deal for Goldstein Munger & Associates, a $1 billion registered investment adviser based in San Ramon, California.
It's the mega-RIA firm's third $1B+ acquisition in just three months.
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