Mercer Global Advisors says it has acquired Quest Capital Management.
Dallas-based Quest was founded in 1987 and offers wealth management services to high-net-worth individuals, families and their businesses, according to Mercer. Quest serves around 660 clients with roughly $1.5 billion in client assets, Mercer adds.
The two registered investment advisor firms didn’t disclose the financial terms of the deal.
Mercer says Quest’s six shareholders — president Kalita Blessing, chief operating officer Dennis Moore and wealth advisors Robert Cox, Chandler Ferguson, Carl Kunhardt and Chris Young — and its seventeen staff members will join Mercer as part of the acquisition.
“We are very proud of the firm we have built and remain dedicated to serving our clients with excellence. As a fiduciary to our clients, we have an obligation to ensure their needs are met for generations to come. With that in mind, we needed to consider partnering with a national firm that could deliver on that promise beyond our lifetimes,” Blessing said in a statement.
Blessing says she and her partners have no plans of exiting their practices anytime soon, but they wanted to prepare a succession plan in advance. Accessing Mercer’s in-house family office services — such as estate planning and tax preparation — was part of that plan, she says.
“This merger will also provide career development opportunities for our staff beyond what we could offer and that is most important to us,” Blessing said in the statement.
Denver-based Mercer was established in 1985 and said it has more than 560 employees and operations in more than 55 offices throughout the U.S. Mercer says it offers fee-based investment management, financial planning, family office services, retirement benefits and distribution planning, estate and tax planning, insurance solutions and corporate trustee and trust administration services.
Mercer is majority-owned by private equity firms Oak Hill Capital and Genstar Capital, and says it has more than $32 billion in client assets.
Mercer was one of the top RIA firm acquirers in 2020, according to a report from Echelon Partners. This year, it has announced acquisitions of a $240 million wealth management practice, a $365 million wealth management practice and four $800 million+ firms.
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