Continuing its acquisition streak, Mercer Global Advisors has snapped up Berkson Asset Management and professional corporation Steven M. Berkson.
Financial terms of the transaction were not disclosed.
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Founded in 1995 by Steven Berkson, the acquired entity is a California-headquartered wealth management company with around 100 clients and approximately $185m in assets under management (AuM).
The firm offers customised financial plans as well as personalised wealth management strategies to its clients.
Berkson also operates a tax and accounting firm.
As part of the agreement, the entire staff of Berkson will join Mercer Advisors.
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By GlobalDataCommenting on the deal, Berkson said: “After talking with David Barton, Vice Chairman and Head of Mergers & Acquisitions at Mercer Advisors, we knew we had found the right partner who shared a high commitment to the highest quality client care and put clients’ interests first.
“Mercer Advisors was definitely the best fit for us, and the fact we could offload onerous back-office services and add new services like in-house estate planning, and corporate trustee was a huge plus. We could not be more excited.”
The latest deal follows Mercer’s acquisition of HYA Advisors and related entity Heim, Young & Associates.
The firm made a number of purchases this month, including Missouri-headquartered Convergent Wealth Management and Florida-headquartered wealth management firm Cordasco Financial Network.
Mercer Advisors CEO Dave Welling said: “Steven and his team have built a great business, a formidable team and they are a highly respected group of wealth management professionals that share our commitment to integrating financial planning with tax planning and preparation.
“We are thrilled to be opening a new location in Woodland Hills, California and look forward to working together to help deliver meaningful results for our shared clients.”
Last year, Mercer took over a number of wealth management firms, including Precipio Wealth Management, Quest Capital, and Miller Advisors.
