Mercer has been one of the largest acquirers of wealth management firms in the North American market.

Mercer Global Advisors, the RIA that has been acquiring a raft of US wealth businesses, has said that it has bought Private Asset Management (PAM) to strengthen its California presence.

PAM is a wealth management firm headquartered in San Diego, led by CEO Jeffrey S Witt. PAM, which serves more than 600 clients with assets under management of about $720 million, provides manifold services to high net worth, and UHNW clients. It seeks to provide best-of-breed service to individuals and families including those with multigeneration wealth needs.

"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,” Witt said.

“The addition of PAM’s impressive team to our service ranks bolsters our capabilities in California and beyond,” Barton, who led the acquisition of PAM on behalf of Mercer Advisors, said.

Denver-based Mercer has been one of the most prominent acquirers of wealth management firms in the North American market. The RIA has been acquiring a mass of US wealth businesses, most recently buying wealth manager Day & Ennis. See more here. Family Wealth Report's US correspondent, Charles Paikert, has analysed the firm's M&A activities here.

ECHELON Partners acted as the exclusive financial advisor, and Withers Bergman, served as legal counsel to Private Asset Management, the firm said in a statement.