Mercer Global Advisors has acquired Harrison & Company Wealth Management (HCO), further accelerating its aggressive M&A strategy.
Financial terms of the deal were not disclosed.
Founded by Bruce Harrison, HCO is a Roanoke-based wealth management firm with around 120 clients and assets under management (AUM) of approximately $150m.
As part of the deal, the HCO team will join Mercer Advisors.
Commenting on the deal, Harrison said that he and his partner Ian Hamre came across Mercer at a time when they were seeking to expand their suite of services and offload time-consuming responsibilities to serve their clients better.
Harrison said: “We were introduced to David Barton, Vice Chairman and Head of M&A at Mercer Advisors to discuss our option set and see if partnering with Mercer Advisors made sense.
“After meeting with David, we loved the in-house family office services they offer like estate planning, tax return preparation, corporate trustee services, all while taking over our back-office duties and creating excess capacity for us. It was a perfect fit for me and my partner Ian our team, and our clients.”
Mercer Advisors CEO and vice-chairman David Barton said that the transaction further expands the firm’s “deep presence in the Virginia, DC area”.
Mercer Advisors CEO Dave Welling added: “Bruce and Ian have built a great business, a strong team, and they are highly respected wealth management professionals. We are thrilled they are joining the Mercer Advisors’ team and expanding our presence in Virginia. We look forward to working together to help deliver meaningful results for our shared clients.”
Recently, Mercer acquired Berkson Asset Management and professional corporation Steven M. Berkson.