Denver, Colorado-based Mercer Global Advisors has expanded presence in its home market through the purchase of wealth manager M.J. Smith and Associates.
Set up in 1983, M.J. Smith and Associates offers financial planning and investment management services to HNW clients. It caters to nearly 490 households.
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The deal, whose value was not revealed, adds around $910m to Mercer’s books.
The transaction comes shortly after Mercer’s acquisitions of ClearRock Capital and Argosy Wealth Management.
Together, ClearRock and Argosy added $990m to Mercer.
Mercer will retain the acquired entity’s founder Mark Smith as well as its 11 employees.
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By GlobalDataMercer CEO Dave Welling said: “Mark and the M.J. Smith team are well respected and add expertise and additional talent to our already large presence in the state of Colorado where combined with the M.J. Smith team we are entrusted with over $2 billion in client assets.
“Our strategic move of our company headquarters from California to Denver in 2018 was driven by a mission to support a nationwide footprint from a central location, as well as a tremendous interest in building out our presence in Colorado and surrounding states.”
The latest deal offers Mercer three strategic Colorado locations, namely Denver, Denver Tech Center, and Boulder.
Dave Barton, who led the deal, said that the two firms share a “very high” cultural alignment and that Mercer met the operational demands of M.J. Smith.
Mark Smith noted: “I’m thrilled to be working with Mercer Advisors and taking advantage of their large presence with over 40+ locations, true scale with high division of labour, and adding family office services like in-house estate planning, tax return preparation, and corporate trustee services.”
