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Mercer Advisors and Kanaly Trust merge

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Wealth management firms Mercer Advisors and Kanaly Trust are to merge to create a combined company will assets exceeding USD8 billion under management, making it one of the largest independent wealth managers in the United States.  

Terms of the private transaction have not been disclosed.

The combined company will be led by David H Barton (pictured), Chief Executive Officer of Mercer Advisors. Mercer Advisors was acquired by Genstar Capital, a private equity firm, last year. Kanaly Trust is owned by Lovell Minnick Partners, a private equity firm that invests in the financial and related business services sectors, which will retain a stake in the combined company.

Mercer Advisors is a total wealth management firm that provides fee-only comprehensive investment management, financial planning, family office services, retirement benefits and distribution planning, estate planning, and tax management services.  Based in Santa Barbara, Mercer has over USD6 billion in assets under management and more than 5,000 clients.  Kanaly Trust provides comprehensive wealth management and financial planning and trust/estate services to families, individuals, and estates.  The Houston-based company manages and advises on assets totaling over USD2 billion on behalf of more than 500 families, and serves as the trustee or executor for estates totalling more than USD2.5 billion.  
 
"This transaction brings together two great companies and creates a strong partnership of people who have the benefit of a stronger platform from which to offer expanded services with the personal and customised service clients demand," says Barton. "Genstar has been instrumental in helping us rapidly grow our company, and we are well-positioned to build on our momentum.  Paramount in Kanaly Trust's decision to join Mercer Advisors was our shared commitment to the highest level of service, which makes this combination such a great fit."

"The merger with Kanaly Trust is a significant step forward towards scaling a national wealth management firm to a broader base of sophisticated clients," says Anthony J Salewski, a Managing Director at Genstar.  "This transaction combines the complementary resources of two important players, and we are excited about this transformative partnership.  We are pleased with Mercer Advisors' progress, led by Dave, and we plan to continue to invest in and support the company as it continues to build its presence in the wealth management sector."

"This merger brings together two world-class wealth management firms, which will allow us to expand client resources beyond the high-levels we have today," says Drew Kanaly, Chairman of Kanaly Trust. "Our extensive experience working with high-net-worth entrepreneurs and executives, and family offices is highly complementary to Mercer Advisors, and this partnership will allow us to provide those services on a ​national level."

"The talented Kanaly Trust team remains focused on providing high touch, highly personalised financial advice and customized solutions, which we believe will continue to be in high demand among clients," says James E Minnick, Co-Chairman of Lovell Minnick Partners. "We look forward to our continued involvement and support in working with Mercer and Kanaly in growing the combined company."

Moelis & Company LLC served as financial advisor, and Davis Graham & Stubbs LLP acted as legal counsel, to Kanaly Trust.  Willkie Farr & Gallagher LLP served as legal counsel to Mercer Advisors.

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