The latest deals and transactions in and around North American wealth management.

RIA, Mercer Global Advisors, has acquired Fure Financial, a firm based in Bloomington, Minnesota, holding about $260 million of client money. The move is another example of the sort of acquisitions Mercer has been making to build its market coverage in recent years.

Fure Financial was founded in 1985 by Johannes C Fure, president, senior wealth advisor and chief investment officer. Fure Financial’s entire team will also be joining Mercer Advisors, Mercer said in a statement yesterday. 

“In looking for a partner to help us provide customized wealth management while continuing to grow, we knew we needed scale and time leverage,” Johannes Fure, founder, said. “A huge plus was the fact that we could continue running our office while offloading onerous back-office tasks, like HR and compliance, while adding new services for our clients like in-house estate planning, tax return preparation, and a corporate trustee service.” 

Mercer Global Advisors, founded in 1985 is part of Mercer Advisors. Oak Hill Capital and Genstar Capital own most of Denver-based Mercer Advisors, which oversees about $38 billion of assets. In April, Mercer bought Convergent Wealth Management, a $130 million AuM business based in Chesterfield, Missouri. In May, it merged with HYA Advisors, and related entity Heim, Young & Associates. In January it acquired Wrenn Financial Strategies, a firm located in Raleigh, North Carolina, which serves more than 150 clients with assets under management of about $238 million.