Acquisitive Mercer Brings in New CEO
Welling has been co-general manager of SS&C Advent, a division of SS&C Technologies, since 2016, focusing on the company’s services to 3,000 wealth managers, Mercer says in the press release. Welling had joined Advent in 2011 when it acquired Black Diamond, where he was CEO, according to the release. Before Black Diamond, Welling worked at Charles Schwab in its custody and 401(k) units.
Barton, who’s been CEO since 2008, will become a vice chairman of the firm and will oversee Mercer’s mergers and acquisitions, according to the company. He says in the press release that he decided to “reduce” his responsibilities and role at Mercer.
The firm, which was itself acquired by Genstar Capital in 2015, has acquired six firms in the past six months, according to the press release.
The company’s advisors now oversee $10.3 billion for 6,400 clients from 23 branch offices around the country, according to Mercer.