Santa Barbara, Calif.-based Mercer Advisors and Houston-based Kanaly Trust will merge to form an $8 billion independent wealth manager.
The combined firm will be led by David H. Barton, Mercer Advisors’ CEO.
“This merger brings together two world-class wealth management firms, which will allow us to expand client resources beyond the high-levels we have today,” said Drew Kanaly, chairman of Kanaly Trust, in a prepared statement. “Our extensive experience working with high-net-worth entrepreneurs and executives, and family offices is highly complementary to Mercer Advisors, and this partnership will allow us to provide those services on a national level.”
Prior to the transaction, Mercer had more than $6 billion AUM for more than 5,000 clients, while Kanaly Trust managed and advised on more than $2 billion in assets on behalf of 500 client families, and served as the trustee or executor for estates totaling more than $2.5 billion.
Terms of the transaction were not disclosed.
Both companies were owned by private equity firms: Kanaly Trust was owned by Lovell Minnick Partners, while Mercer Advisors was acquired by Genstar Capital in 2015.
