Mercer Global Advisors has acquired Connecticut-based wealth management firm Benemark in a bid to further expand its footprint in the northeast US.

Financial terms of the deal were not disclosed.

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Benemark was established by partner and CEO Robert Medvey and partner and CFO Gregg Padilla in 1995.

The firm provides a suite of financial planning and portfolio management services to high-net-worth (HNW) individuals, families, and corporate customers.

It also offers customised wealth management services to working professionals, individuals nearing retirement, entrepreneurs, and small business owners.

Benemark currently manages $230m in assets on behalf of its approximately 70 clients.

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Following the transaction, the entire Benemark team will join Mercer Advisors.

Commenting on the deal, Padilla said: “We wanted to maximise our client-facing time and minimize time spent on back-office operations. With Mercer Advisors now taking over these activities, Robert and I will be free to focus on what we do best — serve existing clients and develop new relationships. We couldn’t be more excited to join the Mercer Advisors team.”

The latest deal continues Mercer Advisors’ ongoing consolidation strategy.

The firm acquired New York-based wealth management firm purchased Cordasco Financial Network in January this year.

It followed the acquisitions of New York-based wealth management firm Mirsky Financial Management Corporation and Virginia-based Precipio Wealth Management in December.

Commenting on the latest deal, Mercer Advisors CEO Dave Welling said: “Robert and Gregg have built a great business and strong team and they are highly respected wealth management professionals.

“We are thrilled to be expanding our presence in Connecticut and look forward to working together to deliver meaningful results for our shared clients.”