Santa Barbara-based investment firm Mercer Advisors acquired Duckworth Wealth Advisors in Newport Beach, the company announced Feb. 13.
Mercer acquired Duckworth and its $160 million in client assets for an undisclosed price, creating a combined company with more than $9.6 billion and 6,400 clients nationwide. Duckworth offers investment management, financial planning, estate and tax planning and corporate trustee services.
“Duckworth is a wonderful and complementary fit to our national family office and greatly expands our Southern California footprint,” Mercer CEO David Barton said in a news release. “(Founder Michael Duckworth) and his team (Mark Doran, Kara Duckworth and Elizabeth deSouza) have built an impressive and growing business and we look forward to helping expand their capabilities and drive continued growth.”
The transaction marks Mercer’s sixth acquisition over the past year amid a rapidly consolidating industry as Mercer strives to become a “Mayo Clinic approach to financial care,” Barton said. With 23 offices nationwide, Mercer is among the largest independent family office registered investment advisors in the U.S., he said.
Mercer also recently announced the acquisition of Novos Planning Associates, a New York-based firm managing $100 million in client assets.
Gene Dongieux co-founded Mercer Advisors in 1985, which began as a law firm. Dongieux was the chief investment officer who took Mercer from one Michigan office to 15 locations before he and his partners sold Mercer in 2008 to a private equity firm. He now runs Ariadne Wealth Management in Montecito.
• Contact Alex Kacik at [email protected]