Colorado-based RIA Mercer Advisors has purchased Michigan-based Arbor Asset Management for an undisclosed sum.

The takeover adds around $350m in assets to Mercer’s books, increasing its assets under management to around $15bn.

It also increases Mercer’s Michigan office total to three, including Detroit and Traverse City.

Mercer’s total office headcount rises to 39 with the acquisition.

Mercer CEO Dave Welling said: “Arbor shares our commitment to excellence and high professional acumen, matched by equally high integrity, resulting in superior client satisfaction.”

Arbor founder Neil Paolella along with his four colleagues will move to Mercer as part of the deal.

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Commenting on the transaction, Paolella said: “The criteria I had in seeking a partner was, first, we needed to share core values regarding clients and people.

“Second, I wanted to offload back office responsibilities and needed to know they would be managed at the highest level.

“Third, it was important to me that my team had career path opportunities with our new partner. After meeting with Dave Barton, Mercer Advisors Vice Chairman, and the team, I was convinced that my criteria had been met and exceeded.”

The latest deal continues Mercer’s recent series of acquisitions.

Last month, Mercer snapped up California-based Dragon Financial Group.