Summit Capital Management, a boutique RIA based in Seattle, has been acquired by Merriman Wealth Management, a local wealth management firm. Merriman is a partner of Focus Financial, a group of independent, fiduciary wealth management firms that announced the deal Monday.
The deal will make Merriman one of the largest wealth management firms in the Pacific Northwest, giving it some $2 billion in assets under management.
This is Merriman’s first transaction since joining Focus in December 2012. It will allow the firm to expand its geographic presence as it adds Summit Capital’s Spokane office to Merriman’s existing locations in Seattle and Portland, Ore. Merriman now has a total of 44 staff members, including 15 principals, and it will serve approximately 2,000 clients.