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November 18, 2019 at 01:28 PM
Denver-based RIA Mercer Global Advisors acquired AL Hewitt, an RIA based in Camarillo, California, that serves about 120 clients with assets under management of $100 million, Mercer said Monday.
The privately held Mercer didn’t say how much it paid and declined to provide the price. But a company spokesman said the acquisition is expected to close Dec. 15.
The addition of Hewitt boosts Mercer’s already strong presence in California to nine offices serving about 3,200 clients with almost $5 billion in assets under management, making Mercer one of the largest RIAs in that state alone, it said.
The Hewitt acquisition, meanwhile, increases Mercer’s total number of offices to 45 across the U.S., its employee count to 390 people after picking up nine from Hewitt including its owners, and expands its total AUM to about $17 billion, it said. No job cuts are planned, and Hewitt’s staff will remain in their existing roles, the spokesman said.
Hewitt also operates a tax return business that prepares more than 4,000 tax returns annually, with all financial advisory clients also receiving tax advice with tax return preparation, Mercer said.
Hewitt presented Mercer with a “strong value proposition by delivering integrated tax, investment management, and financial planning to its clients,” Mercer said.
