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July 2, 2020

Mercer adds over $660m with ClearRock Capital acquisition

Colorado-based RIA Mercer Global Advisors has agreed to take over Sun Valley, Idaho-based peer ClearRock Capital, which manages more than $660m in assets.

The deal, whose value was not disclosed, offers Mercer its first Idaho location.

It comes a day after it announced the purchase of Beverly Hills, California-based Argosy Wealth Management.

As part of the deal, ClearRock co-founders Mark Eshman and James Everitt and their eight-member team will move to Mercer.

Mercer Advisors vice chairman in charge of M&A Dave Barton said: “Mark and Jamie had a defined set of objectives for what a successful transaction would look like, chief among them was the business combination must add value to their clients, and provide career development opportunities for their staff.

“Regarding increasing the value proposition to their clients, Mark and Jamie love that we provide in-house estate planning and tax return preparation services.”

Set up in 2007, ClearRock caters to nearly 250 households and also has a presence in San Francisco, California.

The firm offers wealth management services to HNW clients and also manages funds for foundations and endowments.

Everitt said: “The high cultural alignment with Mercer Advisors was a must for us given the various Foundations, Endowments, and number of business retirement plans we are managing.

“When Dave Barton explained to us that Mercer Advisors has a long history of serving and administrating ERISA plans for small businesses, whether they are standard 401(k), defined benefit or contribution plans, combo plans, or more sophisticated cash balance plans, that was a big deal for us and knew that together we could continue to grow and add value to this clientele.”

 

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