Wealth management firms Mercer Advisors and Kanaly Trust, both with private equity backing, have agreed to merge. The combined company, with expected total assets exceeding $8 billion, will be headed by Mercer’s CEO David Barton.
Mercer, based in Santa Barbara, California, was acquired by Genstar Capital in 2015 from lower middle-market private equity firm Lovell Minnick Partners, which owned the firm since May 2008. Mercer provides its affluent clients with fee-based financial planning, retirement and estate planning services, investment, tax and wealth management services. Currently, Mercer advises on over $6 billion on behalf of its clients.