Mercer Advisors has acquired Beacon Wealth Management (BWM), a boutique wealth management company with around $230m assets under management (AUM).

The financial terms of the transaction were not disclosed.

Established in 2002, BWM focuses on providing financial planning services to high net worth individuals.

Currently, it provides financial planning and investment management services to nearly 170 clients and households.

The acquisition bolsters Mercer’s presence in the Northeast and Southeast regions as well as increases its office count to more than 30 following the addition of BWM centres in Hackensack in New Jersey and Palm Beach in Florida.

Additionally, the acquisition increases Mercer’s AUM to more than $13bn.

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Mercer Advisors CEO Dave Welling said: “This acquisition further solidifies our presence in the Northeast.

“We are also excited to expand our presence in Florida which will join our growing presence in the Southeast alongside our Atlanta and Clearwater Florida offices.”

Following the transaction, BWM founder and CEO Mark Germain as well as his six staff members are expected to join Mercer Advisors.

In March, Mercer Advisors snapped up another boutique wealth management company Traust Sollus Wealth Management, a boutique wealth manager with $420m in assets