By Kenneth Corbin

Mercer Global Advisors has acquired two registered investment advisor firms that together will add nearly $1.7 billion in assets to the Denver-based firm.

The larger of the two acquisitions is Waypoint Capital Advisors, which is based in Minneapolis and manages nearly $1 billion in assets, catering to ultrahigh-net-worth clients.

Mercer also expanded its presence in its home market with the acquisition of Chapel & Collins, based in Fort Collins, Colo., with $675 million in assets.

Mercer says that deal pushes its assets under management in the Denver area past $5 billion. The Waypoint acquisition brings its ultrahigh-net-worth practice to more than $15 billion, Mercer says.

Both deals closed at the end of October.

Mercer CEO Dave Welling says Waypoint is a "terrific complement" to his firm and will significantly enhance its own family office practice.

"They have built a team with deep expertise managing, coordinating, and solving the unique needs of generationally wealthy families," he says.

The acquisitions are Mercer's fifth and sixth deals of 2024, and a representative of the firm says that there are more than 40 "active deals in the pipeline."

Martine Lellis, who leads Mercer's merger and acquisition operation, calls Chapel & Collins a "shining example of a firm that shares our client-first philosophy, with financial planning at the center of every relationship."

Chapel & Collins opted to sell to Mercer to tap into the resources and support it offers the firms it acquires, which should free up its advisors to spend more time working with clients, particularly those in the ultrahigh-net-worth range, according to founding partner Dennis Collins.

"Families with multigenerational wealth are often confronted with complex financial lives that require a more nuanced, thoughtful approach, " he says. "Partnering with a leading national fiduciary firm like Mercer Advisors helps empower our team of advisors to strengthen existing client relationships and develop new ones."

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November 12, 2024 13:16 ET (18:16 GMT)

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