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Deals Of The Day - The Latest In Wealth Management M&A: Mercer, Quest Capital
Editorial Staff
30 September 2021
Mercer Global Advisors Moore, the COO, added: “We were keen to expand our service offering, and add real horsepower to our middle and back-office resources to create scaled efficiency.”
Mercer Global Advisors has bought a Dallas, Texas-based wealth firm called Quest Capital Management, a few days after announcing another deal in what continues to be a busy M&A season.
Quest serves about 660 clients, and has a total of approximately $1.5 billion in assets under management. The firm, founded in 1987, is run by its six shareholders Kalita Blessing, president, Dennis Moore, chief operating officer, Robert Cox, wealth advisor, Chandler Ferguson, wealth advisor, Carl Kunhardt, wealth advisor, and Chris Young.
All the shareholders and 17 staff members will move to Mercer.
“As a fiduciary to our clients, we have an obligation to ensure their needs are met for generations to come. With that in mind, we needed to consider partnering with a national firm that could deliver on that promise beyond our lifetimes,” Kalita Blessing said.
Her comments highlight how much wealth management M&A is driven by firms’ owners desire to handle succession for their own firms - just as their clients often have to wrestle with the same challenge.
Family Wealth Report has examined the dynamics of the Dallas/Fort Worth wealth management industry here.
Mercer Global Advisors, part of Mercer Advisors, oversees more than $32 billion of client money. The parent firm is based in Denver, and is a privately held business.