Mercer Advisors has acquired Michigan-based wealth management firm Financial & Investment Management Group (FIM Group) for an undisclosed amount.
The deal is Mercer’s second acquisition in the last seven days. It acquired Sigma Investment Management Company earlier this week.
Founded in 1984, FIM Group serves more than 1,500 mass affluent and high net worth clients.
The acquisition will increase Mercer Advisors’ assets under management (AUM) by $600m to approximately $14.5bn. The number of Mercer Advisors offices will also increase to 35.
Additionally, the deal will add 14 FIM Group members to Mercer Advisors’ staff strength which now has more than 300 team members across the US.
FIM Group president and chief investment officer Paul Sutherland said: “I had always thought that if we could find a firm doing things as well or better than us, I would merge with them. With Mercer Advisors, I found that firm.
“As we celebrated our 35th anniversary of serving clients, we took the time to reflect both back and into the future, determining that this new relationship would allow us to enhance client service, innovation and specialised services. Mercer Advisors was a perfect fit for us and we are glad we made that decision.”
Following the deal, Sutherland will continue to work with Mercer Advisors.
Mercer Advisors CEO Dave Welling said: “This acquisition was strategic for us and our vision to offer highly personalised wealth management through local offices and teams who are embedded in their communities with deep relationships with clients.”