Private Asset Management is a wealth management firm with its headquartered in Sandiego, California and Mercer gains its 600 clients with close to assets under management (AuM) of $720m.
In addition, PAM provides multi-generational wealth services to its clients. This includes financial planning, investment management, tax planning and preparation.
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PAM CEO Jeffrey S. Witt said: “PAM provides manifold services to its high net worth, and ultra-high net worth clients seeking to provide best-of-breed service to individuals and families including those with multigeneration wealth needs. To that end, when looking to combine with a new partner, it was essential that they too believe in providing their clientele with an enhanced service offering, not limited to just financial planning and investment management. Once we began talks with Mercer Advisors and David Barton, Vice Chairman who heads up M&A for Mercer Advisors, we knew we had found the right partner with Mercer Advisors offering a full set of family office services under their large roof.”
David Barton, vice chairman, who led the acquisition of Private Asset on behalf of Mercer Advisors added: “Jeff and his team are highly credentialed planners and professionals with a deep bench of talent. Since we are in a service industry and you are only as good as your people, the addition of PAM’s impressive team to our service ranks bolsters our capabilities in California and beyond.”
Dave Welling, chief executive officer of Mercer Advisors, continued: “The business combination between Mercer Advisors and PAM is a perfect cultural fit. We share the same mission, vision, and values of always putting clients’ interests first. We are thrilled they are joining the Mercer Advisors’ team and look forward to working together to help deliver meaningful results for our shared clients.”
ECHELON Partners acted as the exclusive financial adviser for the deal and Withers Bergman served as legal counsel to Private Asset Management.
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