Mercer Buys Iowa RIA Managing $215 Million
Mercer Global Advisors continues to add to its list of year-end deals as it said on Monday that it purchased Marrs Wealth Management, an Ames, Iowa-based registered investment advisory firm.
Marrs was founded in 2010 by Craig Marrs, who is moving to Mercer along with advisors Andra Reason and Nathan Brammer as well as a support staffer. Marrs, who began his career in 1985 at Ameriprise, according to his LinkedIn profile, said in the announcement that the move was part of a succession plan.
“We agreed the best course of action for us was to join a national partner that shared our commitment to serve our clients at the highest level, while simultaneously enhancing the client experience by offering more in-house services like estate planning, insurance planning, and tax return preparation,” he said in a prepared statement.
Mercer, which has north of $27 billion of assets under management, closed deals for at least six other RIAs in November and December of 2020. The firm, which is majority owned by private equity firms Oak Hill Capital and Genstar Capital, has been benefiting as the volatility sparked by the Covid-19 pandemic accelerated some RIA owner’s succession plans last year, David Barton, head of M&A at Mercer, said in an interview last week.
Including Marrs, Mercer closed at least 14 deals and added $6.4 billion in AUM last year. The year set records industry-wide for mergers and acquisitions, according to bankers.