Mercer Advisors has completed its fifth acquisition in 12 months by locking up a deal with Novos Planning Associates.
The addition of the $100 million registered investment advisory firm pushes Santa Barbara, Calif.-based Mercer's total assets under management to $9.3 billion, including $3.3 billion added over the past year.
“We are moving it into high gear,” said Dave Barton, Mercer chief executive.
The latest deal announcement comes less than a month after Mercer's announced
acquisition of Fabian Wealth Strategies, a Costa Mesa, Calif.-based advisory firm with $95 million in client assets.
Mr. Barton said he plans to announce another deal within a couple weeks. It's all part of an aggressive two-year plan to nearly double the number of Mercer offices to 40, up from 22, he said.
According to the
InvestmentNews RIA Database, Mercer is the eighth-largest RIA firm in the western region of the United States.
“We want to really demonstrate a presence and footprint in every major market, and we want to be the first true national family office,” he said. “We continue to identify outstanding adviser firms as part of our ongoing efforts to build our national presence.”
He described New York-based Novos, a 30-year-old advisory firm, and its founder Madeline Noveck as a “vibrant part of the New York financial community,” which will now operate under the Mercer umbrella.
“They take on the Mercer brand, and they take on our culture,” Mr. Barton said. “In every respect it's a new Mercer branch office.”
Terms of the private transaction were not disclosed, but Mr. Barton said Mercer acquired 100% of Novos.
Mercer Advisor is the parent company of Mercer Global Advisors, which serves more than 6,200 clients.
