Denver-based Mercer Global Advisors announced today that it has acquired Spokane, Wash.-based Hart Capital Management.
Hart Capital Management was founded in 1998 by Craig W. Hart, who has served as president and chief investment officer. Hart will stay with his team as part of Mercer Advisors.
“We had reached a level of needing to invest heavily in our business to develop the scale and infrastructure necessary to service our ever-increasing client needs; it was a build-it or join-it decision,” said Hart in released comments. “In observing our industry, we also wanted to offer competitive differentiated in-house services like estate planning, tax return preparation and corporate trustee assistance. We felt the best decision was to join a national firm that had already built this infrastructure, with the added scale of dedicated middle and back office departments such as dedicated marketing and sales teams and best-in-class technology with on-call IT experts.
Hart brings with him nine other financial professionals, approximately 400 clients, $440 million in assets under management and a satellite office in Coeur d’Alene, Idaho.
Mercer framed the acquisition as helping to expand its influence in the Pacific Northwest.
“Craig has built a great business and is well respected in Spokane and Coeur d’Alene,” said David Barton, vice chairman and head of mergers and acquisitions at Mercer Advisors, in a released comment. “We shared the same mission, vision and values around creating the highest quality financial care for our clients, and that cultural alignment is bedrock for any successful transaction. I also like the fact we can leverage our existing operations in Seattle, Portland and Idaho to create a convention of Mercer Advisors’ shared support in the Pacific Northwest. Craig is a natural leader, and with Mercer Advisors’ resources backing [him] and his team, we are posed for rapid growth. This is a true win-win for both parties.”
Just three weeks into 2021, Mercer has already announced four additional acquisitions for a total of five: Hart, Atlanta-based Kays Financial Advisory, Atlanta-based Atlanta Financial Associates, Portland, Ore-based McGee Wealth Management, and Midlothian, Va.-based Pinnacle Wealth Solutions.
Dave Welling, Mercer Advisors’ CEO, said in released comments: “We are very excited to partner with Craig and the Hart team. We are investing heavily in the Pacific Northwest as we push to become the natural best choice for those [high-net-worth] clients looking for family office style care and support. With the addition of Hart Capital Management, one more piece to that puzzle is added. We look forward to partnering with the Hart team to serve their clientele with excellence for years to come.”
Hart was represented by John Furey, a managing partner of investment bank Advisor Growth Strategies.
Mercer now has $27 billion in AUM.