Mercer Advisors, a US-based wealth management firm, has agreed to merge with Kanaly Trust to create a new advisory firm, which manages more than $8bn in assets.
The combined entity will be headed by Mercer’s CEO David Barton. Financial terms of the deal were not disclosed.
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The transaction is subject to customary regulatory approval.
Mercer Advisors, which was acquired by Genstar Capital in 2015, has over $6bn in assets under management and more than 5,000 clients. The firm provides fee-only comprehensive investment management, financial planning, family office services, retirement benefits and distribution planning, estate planning, and tax management services.
Owned by Lovell Minnick Partners, Kanaly Trust manages and advises on assets over $2bn on behalf of more than 500 families, and serves as the trustee or executor for estates totalling more than $2.5bn. The trust offers wealth management and financial planning and trust/estate services to families, individuals, and estates.
Barton said: "This transaction brings together two great companies and creates a strong partnership of people who have the benefit of a stronger platform from which to offer expanded services with the personal and customized service clients demand."
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By GlobalDataGenstar managing director Anthony Salewski said: "This transaction combines the complementary resources of two important players, and we are excited about this transformative partnership. We are pleased with Mercer Advisors’ progress, led by Dave, and we plan to continue to invest in and support the company as it continues to build its presence in the wealth management sector."
Kanaly Trust chairman Drew Kanaly said: "This merger brings together two world-class wealth management firms, which will allow us to expand client resources beyond the high-levels we have today."
