Mercer Global Advisors in Denver has acquired Jackson Financial Management (JFM), a wealth manager serving high-net-worth households nationwide, according to a news release.
The deal expands Mercer's presence in Southern California and brings with it JFM's about $510 million in client assets under management.
The financial terms of the transaction were not disclosed.
Tracy O. Jackson, president and principal of JFM, founded the company in 1995. He and his 13-member team serve a clientele that includes corporate executives, medical professionals and affluent families.
Jackson said in the news release that his company was built on a family office approach that incorporated a boutique, high-touch service model he initially believed would be difficult to replicate with a partner.
“When [Mercer CEO] Dave Welling suggested we consider a merger, I was at first skeptical,” he said.
After talking with Mercer Vice Chairman Dave Barton, who leads the company’s M&A activities, and performing reverse due diligence, Jackson said he changed his mind.
"It became clear to me that Mercer was not only a perfect fit for JFM staff and our clients, it was the only compatible fit given our mandate to operate as a family office advisor to HNW and UHNW clients," he said in the release.
In addition to the JFM office in Costa Mesa, Calif., Mercer has offices in Santa Barbara, San Diego, Los Angeles and Newport Beach, Calif. The five offices manage a combined AUM of nearly $4 billion in the Southern California region, according to the release.
The acquisition of JFM also increases the number of Mercer offices nationwide to 41 and its total AUM to more than $16 billion.