Mercer Global Advisors Inc. today announced the acquisition of Private Asset Management Inc. (PAM), a San Diego-based comprehensive wealth management firm with about $720 million in assets under management.
Founded in 1993, PAM provides multigenerational wealth services, including financial planning, investment management, tax planning and preparation. The firm is led by CEO Jeffrey S. Witt and serves more than 600 clients.
Witt, in a statement, explained that it was important to partner with a firm that believes in providing its clientele with more than just financial planning. “Once we began talks with Mercer Advisors and David Barton, vice chairman who heads up M&A for Mercer Advisors, we knew we had found the right partner with Mercer Advisors offering a full set of family office services under their large roof,” he said.
Barton described Witt and his team as “highly credentialed planners and professionals with a deep bench of talent.” He further noted that “the addition of PAM’s impressive team to our service ranks bolsters our capabilities in California and beyond.”
Mercer Advisors’ CEO Dave Welling added, “The business combination between Mercer Advisors and PAM is a perfect cultural fit. We share the same mission, vision, and values of always putting clients’ interests first. ... We are thrilled they are joining the Mercer Advisors’ team and look forward to working together to help deliver meaningful results for our shared clients.”
Denver-based 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 $48 billion in client assets, along with more than 900 employees in more than 70 offices across the country.