Mercer Advisors, a Santa Barbara-based wealth management firm, has acquired Spruce Hill Capital, a Connecticut-based registered investment advisor firm with $110m in client assets, for an undisclosed sum.
The acquisition will expand Mercer Advisors footprint in the East Coast as well as accessibility to both current and future clients.
Mercer Advisors CEO David Barton said: "This acquisition, the first of many, heralds the beginning of our venture beyond organic growth alone, as we pursue our goal of becoming the first authentically national Registered Investment Advisor in the United States, offering our clientele the same best-in-class, high quality family office services across each of our 19 branches.
"This transaction is representative of strategic succession planning at its best – a winning solution for all parties – above all, the client. I’m thrilled to welcome Spruce Hill’s employees and clients into the Mercer Advisors family."
Founded in 1985, Mercer Advisors employs over 175 staff across its 19 branch offices in the country.
The company offers fee-only comprehensive investment management, financial planning, family office services, retirement benefits and distribution planning, estate planning, and tax management services to affluent individuals.