Mercer sues ex-advisors over $90M client poaching allegations

Mercer sues ex-advisors over $90M client poaching allegations
The $71 billion RIA accuses former employees Ryan Malec and David Weitz of stealing client data and breaching contracts after launching a rival firm in Atlanta.
MAY 12, 2025

Mercer Global Advisors is suing its former advisors Ryan Malec and David Weitz, alleging that the duo stole client lists and data to transfer approximately $90 million in assets under management upon launching their Atlanta-based RIA, Unified Investment Management.

The civil lawsuit, filed May 7 in the U.S. District Court for the Northern District of Georgia, comes two years after Malec and Weitz resigned from Mercer in March 2023. Denver-based Mercer is seeking unspecified monetary relief against the advisors, who allegedly broke the terms of their employee agreement with Mercer through improperly soliciting clients to their new firm.

A spokesperson for Mercer which manages $71 billion in AUM as one the industry’s largest RIAs, told InvestmentNews it recently moved its lawsuit from state court to federal court in order to “expedite resolution of its dispute.” News of the lawsuit was first reported by Citywire. Unified Investment Management, which is listed as a defendant alongside Malec and Weitz, manages about $136 million across 255 client accounts, per its latest form ADV from February 2025.

The law firm McDermott Will & Emery is representing Mercer, which claims Malec and Weitz to have “delinked” client accounts from Mercer. 

"On or about April 4, 2023, Mercer learned that the financial accounts of several of Mercer’s clients had been “delinked” from Mercer by an unknown third party. When an account is delinked, Mercer personnel can no longer manage the account for the associated client,” reads the lawsuit. 

“Mercer Advisors rightfully defends itself against violations of agreements, responsibilities, and codes of conduct that parties have willingly accepted as part of their employment with the company,” Mercer said in a statement. “We do not comment on details of litigation.”

Malex and Weitz were formerly employees of ACG Wealth, at Atlanta RIA that managed $1.3 billion when Mercer bought the firm in late 2021. Mercer also has a separate ongoing lawsuit against Jeffrey Shaver and Jody Young, the founders of ACG Wealth. 

Mercer announced this month it has surpassed the 100-deal milestone, but its feud with Malex, Weitz and ACG Wealth points to the cautionary side of expansion through M&A deals. Mercer’s M&A principal Martine Lellis told InvestmentNews last month that she was noticing “more and more teams that want to continue to grow rather than just being a straight succession play" as a growing factor in Mercer’s expansion moves.

Latest News

NY Republican Stefanik presses SEC to probe Harvard bond sale
NY Republican Stefanik presses SEC to probe Harvard bond sale

Open letter to SEC Chair Paul Atkins questions whether the Ivy League university withheld material information prior to its $750 million taxable bond offering.

Ex-LPL leader re-emerges at The Wealth Consulting Group
Ex-LPL leader re-emerges at The Wealth Consulting Group

The Las Vegas-based hybrid RIA overseeing $8.8 billion in assets has named Andy Kalbaugh president to help scale its advisor platform.

Envestnet extends investment offerings with new alts model portfolios
Envestnet extends investment offerings with new alts model portfolios

The wealth tech giant – in collaboration with Fidelity, BlackRock, State Street, and Franklin Templeton – is offering its advisor and wealth firm users more ways to diversify.

Just as wealth industry M&A was picking up, economic uncertainty could kill it again
Just as wealth industry M&A was picking up, economic uncertainty could kill it again

Deal volume increased post-election but now caution has taken over.

Want to get the most out of alts? You’ll have to do your homework
Want to get the most out of alts? You’ll have to do your homework

Advisors who expect an edge from alternatives' illiquidity premium – without understanding the underlying terms and explaining them to clients – have a world of learning to do.

SPONSORED RILAs bring stability, growth during volatile markets

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.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave