The buying spree continues for Mercer Global Advisors Inc., as the Denver-based registered investment advisor today announced the acquisition of an Iowa firm with 160 clients and $275 million in assets under management, according to a news release.
Veerkloh LLC, which does business as River Glen Wealth Counselors, is a West Des Moines-based firm founded in 2008 by Matt Busick. Managing partner Randy Von Fumetti merged his practice into the business in 2015.
Busick said the time was right to join Mercer. “Randy and I had reached that point in our business where we had to either invest significantly to scale our business to support further growth or, alternatively, join a firm that had already made those investments and successfully institutionalized their business,” he said in a statement. He met with David Barton, Mercer Advisors’ former CEO, who now heads up mergers and acquisitions. After the meeting, “we realized we shared the same mission, vision and values around serving clients,” Busick said.
“The fit for our two organizations could not be better, and we are thrilled to be joining team Mercer Advisors!” added Von Fumetti.
Barton said Busick and Von Fumetti are “exactly the people and organization we seek to partner with,” noting that they are “skilled wealth managers with comprehensive industry experience” and “are dedicated to providing high-touch financial planning to their clients.”
Mercer Advisors Inc., a parent company of Mercer Global Advisors Inc., is majority owned by both Oak Hill Capital and Genstar Capital. The firm, established in 1985, has more than $50 billion in client assets, along with more than 1,010 employees in more than 80 offices across the country.