Colorado-based Mercer Global Advisors has expanded its footprint in Connecticut with the purchase of Regent Wealth Management Group.
Financial terms of the transaction were not divulged.
Regent offers wealth management services to nearly 110 HNW households. The Woodbridge-based business was founded by Alan Weiss.
Weiss noted: “Regent was founded and built around holistically servicing our clients’ financial needs at the highest level.
“It was equally important that we provide unbiased advice to our clients; being ‘fee only’ and a ‘fiduciary’ to our clients is something we take very seriously – it’s not just something we put in our Form ADV. Thus, it was important to me we found a partner that put clients’ interests first like we do.”
The deal adds around $300m in assets to Mercer’s books, taking its total assets to more than $16.5bn.
The acquisition also increases Mercer’s total office count to 43 and takes its office count in Connecticut to three.
Mercer has been reportedly put up for sale by private equity owner Genstar Capital.
Mercer vice chairman David Barton said: “For Alan, the right partner for Regent was not the one that would pay the highest price.
“His criteria or profile for the right partner was someone who of course would pay a fair price for his business, but most importantly be a great fit, and add value to, his clients and staff to whom he is deeply loyal and committed to.”