Mercer Global Advisors says it has acquired Atlanta-based RIA Atlanta Financial Associates.
Founded in 1992 by Julianne Andrews and Cathy Miller, AFA now manages around $815 million for approximately 570 clients, Mercer Advisors says. In addition to Andrews and Miller, AFA’s four shareholders include Rick Henderson and Chris Blackmon, and the entire 19-member AFA team is joining Mercer Advisors as part of the acquisition, the company says.
The companies didn’t disclose the financial terms of the deal, which closed on December 31, 2020.
"We had many suitors, but Mercer Advisors was most aligned with our business model and culture and allowed us to take advantage of their scale and leverage so we could offload middle and back-office responsibilities to disciplined and specialized experts,” Miller says in a statement.
News of the acquisition came out the same week Mercer Advisors announced that it had acquired the $800 million Kays Financial Advisory Corp., a deal that the company closed on November 30, 2020.
Founded in 1985, Denver-based Mercer Advisors, majority owned by private equity shops Oak Hill Capital and Genstar Capital, had more than 440 employees overseeing close to $25 billion in client assets from more than 45 locations across the country as of the end of 2020, the company says. That’s up from $21 billion the company reported managing in October.
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