Mercer Advisors scooped up two more RIAs, expanding the private equity-backed acquirer’s nationwide footprint to 26 offices with $11.6 billion in assets under management.
The Genstar Capital-owned Mercer purchased Murray & Co. and Pinnacle Investment Management, the firm said this week. Mercer, which is based in Santa Barbara, California,
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Mercer’s “ample middle and back office capability” allows Pinnacle’s advisors to focus on their clients, founder John Eckel said in a statement. “Mercer’s size, strength, culture and family office structure is the future for firms like us to meet all of our collective goals.”
Eckel leads a team of three advisors at Pinnacle, while Murray & Co. owner Dean Murray is one of his firm’s two advisors. Both transactions closed in late December, although the firms did not disclose the terms of the deals.
Pinnacle set up as a C corporation in recent months, working out stock appreciation rights to staff under an overall succession plan, Barton says. Eckel’s team also launched a donor-advised fund for charitable and tax planning services, according to Barton.
“This was not a cookie cutter transaction,” Barton said in a statement. “Our legal team was able to successfully address all these nuances with John’s team, culminating in a highly accretive after-tax transaction for both parties.”
Mercer’s AUM has jumped 93% from $6 billion since Genstar Capital