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• Altas joins Genstar Capital, Oak Hill Capital, and over 300 employee-owners as part of the expanded ownership group
• Broad-based investor group shares a commitment to provide the highest standard of financial care to clients and continue to invest in the Mercer Advisors platform
DENVER - Mercer Advisors, announced today that it is expanding its set of strategic investors, by adding a new investor, Altas Partners ("Altas"). Altas joins Mercer Advisors' current strategic investors, Genstar Capital and Oak Hill Capital, and over 300 Mercer Advisors employees who own equity in the company. The transaction is expected to be completed by the third quarter of 2023.
Mercer Advisors, a prominent national Registered Investment Adviser (RIA) with around $48 billion in Assets Under Management (AUM) as of April 30th, 2023, has announced the expansion of its ownership group. This expansion includes the addition of Altas Partners ("Altas"), joining the existing strategic investors Genstar Capital and Oak Hill Capital, as well as over 300 employees of Mercer Advisors who have equity ownership in the company. The completion of this transaction is anticipated to take place in the third quarter of 2023.
Mercer Advisors is recognized as a leading fiduciary wealth-management firm on a national scale. Their services cater to a diverse client base ranging from mass affluent to ultra-high-net-worth families, as well as various institutional clients such as corporations, endowments, and foundations. With its headquarters in Denver, Mercer Advisors has established a strong presence across the United States with over 80 locations and nearly 900 employees. Founded in 1985, the firm distinguishes itself by offering integrated wealth management services under a unified approach known as the "One Team" approach. These services include financial planning, investment management, estate planning, tax strategy and preparation, insurance solutions, and trustee services, all delivered with a fiduciary responsibility to their clients.
"We are excited to welcome Altas Partners as a strategic investor," said Dave Welling, Chief Executive Officer of Mercer Advisors. "We have had an outstanding partnership with Genstar and Oak Hill for many years and chose Altas as our newest strategic investor because they believe in our mission, purpose, and strategy and are committed to support continued investment in capabilities that will allow us to enhance the way we serve our clients."
Welling added, "We are unabashedly client-focused first, second, and always. Each year we continue to make significant investments in our people, new services, new technology, and new offerings, all geared to serve clients better and drive our future growth. With over 300 employee-owners representing over one-third of our employees, we are proud to have the broadest number and percentage of employee ownership in the firm's history, which is noteworthy in the independent RIA industry. Our strategic investors have supported our vision to expand ownership opportunities to all full-time employees and beyond the common elite and exclusive "partners only" model that is still prevalent in the RIA industry."
"Mercer Advisors is an exceptional company serving a large and loyal clientele," said Paul Emery, Partner at Altas. "Through its leadership, operational excellence and strategic acquisitions, Mercer Advisors has rapidly scaled and established a leading position in a fragmented industry, all while staying true to its client-centric culture. This investment aligns extremely well with our distinctive strategy of identifying one or two high quality businesses each year that we believe are positioned to grow meaningfully and deliver lasting value to our partners. We are thrilled to help fuel Mercer Advisors' continued growth alongside the Company's existing strategic investors, Genstar and Oak Hill, and in close partnership with Dave Welling and team."
Mercer Advisors has experienced significant growth in its Assets Under Management (AUM) over the years. Starting from under $5.7 billion in 2015, the AUM reached $16.5 billion by the end of the fourth quarter of 2019 and has now surged to $48 billion. The firm has made substantial investments to enhance its services for clients, including expanding its investment offerings and platform, bolstering its wealth management team across 80+ locations, attracting new talent and expertise for estate and tax planning, and making substantial investments in its technology infrastructure. Mercer Advisors has also added Socially Responsible Investing (SRI) and Environmental, Social, and Governance (ESG) capabilities to its investment offerings. Notably, the company stands out as one of the first independent Registered Investment Advisers (RIAs) to become a signatory to the United Nations Principles for Responsible Investing.
Mercer Advisors has earned widespread recognition as a leading wealth management firm in the United States. It was named a Top 100 RIA by Barron's in 2022 and ranked among the 50 Fastest Growing RIAs by Financial Advisor and Wealth Management Industry Awards. The CEO, Dave Welling, received the CEO of the Year award, and Kara Duckworth was recognized as a Rising Star at "The Wealthies" awards. Mercer Advisors has also been honored in the Thought Leadership category for its Mercer 2030 program, which aims to make the company a sustainable organization while positively impacting the communities it serves. Since 2016, the company has successfully completed 75 acquisitions, expanding its geographical reach, talent pool, and expertise.
Regarding the recent expansion of its ownership group, Tony Salewski, Managing Partner of Genstar, expressed gratitude for the partnership with Mercer Advisors and praised the firm's growth from approximately $5.7 billion to $48 billion since their initial investment in 2015. Steve Puccinelli, Managing Partner of Oak Hill, commended Mercer Advisors for its consistent performance and projected sustainable, accelerated growth. Both Genstar and Oak Hill are excited to continue as investors alongside Altas Partners as Mercer Advisors enters a new phase of robust expansion.
Raymond James served as the lead financial advisor and Paul, Weiss acted as legal counsel for Mercer Advisors in this transaction. Katzke & Morgenbesser LLP provided legal counsel and Jamieson Corporate Finance US LLC served as an advisor to Mercer Advisors' management and employees. Altas Partners received financial advisory services from Goldman Sachs and legal counsel from Kirkland & Ellis for their involvement in the transaction.
