California-based Mercer Advisors has acquired a pair of investment advisory firms Murray & Co and Pinnacle Investment Management for an undisclosed sum.

Texas-based Murray was founded by Dean Murray and manages $85m in assets, while Connecticut-based Pinnacle was founded by John Eckel and oversees more than $180m in assets. Both Murray and Eckel will join Mercer along with their entire team.

The acquisitions will take Mercer’s total client assets to around $11.6bn.

Mercer Advisors CEO Dave Welling said: “We are committed to being a driving force in the Texas market as well as throughout the Southwest. Murray & Co. is a great fit for Mercer both philosophically and culturally and we look forward to working with the Murray team to broaden our service to our existing and future clients.”

Commenting on the Pinnacle takeover, Welling said: “Pinnacle shares our commitment to financial planning and helping our clients on their path to economic freedom. As CFPs and fee-only financial planners we see the world similarly. We share a belief that financial planning is essential in today’s complex financial world and that operating as a true fiduciary that puts clients first is the best way to run an advisory firm.”

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