Oak Hill Capital- and Genstar Capital-backed Mercer Global Advisors acquired Beverly Hills-based Argosy Wealth Management. Argosy works with about 300 households with assets under management of about $330 million.
Mercer Global Advisors, Inc. (“Mercer Advisors”), a national Registered Investment Adviser (RIA), today announced the acquisition of Argosy Wealth Management, Inc. (“Argosy”), a respected wealth management firm located near Beverly Hills, California. Argosy serves approximately 300 households with assets under management (AUM) of approximately $330MM. Michael Karon (“Michael”) CFP®, AIF®, MBA, and Alex Kimura (“Alex”) CFP®, AIF®, MBA co-founded Argosy in 2010 delivering full service financial planning and investment management services to their high net worth (HNW) clientele. Michael and Alex will be joining Mercer Advisors along with their seven staff members.
Argosy is a financial planning focused RIA with the mission of helping their clients plan for their “best life.” Through up and down markets and difficult economic times, Argosy provides the advice, wisdom, and discipline to ensure their clients remain on track with their plan avoiding costly emotional, knee jerk reactions driven by hyperbolic and sensational news cycles.
Commenting on the transaction Co-Founder Michael Karon stated: “We are a dedicated financial planning firm and we were looking to join a large platform RIA that could take over time consuming and costly back office work, allowing Alex and I to do what we do best, serve our clients at the highest level and to grow our business. After meeting and spending time with Dave Barton, Vice Chairman leading Mercer Advisors’ M&A activity, we knew we found the right partner.” Co-Founder Alex Kimura added: “Argosy and Mercer Advisors share the same client focused values, and I love that the company is deeply loyal to their staff like us and have defined career path opportunities for them. In Mercer Advisors, we have found the right home for our clients and staff.”
Dave Barton who led this transaction stated: “Mike and Alex had a number of suitors interested in acquiring their business and rightly so. What set us apart from other buyers was we had high cultural alignment, we operate similarly, and share the same values and beliefs. It is a solid marriage. Mike and Alex can now stop wearing 12 hats like most small business owners do and instead focus on what they love doing. Mike and Alex are also excited to offer Mercer Advisors’ Family Office services to their clients, e.g., in-house estate planning and tax return preparation services, a big value addition. We are thrilled to be working with Mike and Alex and their wonderful team; this is a great partnership for both parties.”
Dave Welling, Chief Executive Officer of Mercer Advisors said, “Mike and Alex and the Argosy team are well respected and add expertise and additional talent to our already significant Southern California presence. We are delighted to join forces with the Argosy team and look forward to serving their clients with expanded wealth management services for years to come.”
Argosy Wealth Management, Inc. was represented by Jim Tennies, CEO and Founder of InCap Group, Inc. a leading investment banking firm specializing in the RIA space.
About Mercer Advisors
Established in 1985, Mercer Global Advisors, Inc. (“Mercer Advisors”) is a total wealth management firm that provides comprehensive, fee-based investment management, financial planning, family office services, retirement benefits and distribution planning, estate and tax planning, asset protection expertise, and corporate trustee and trust administration services. Mercer Advisors, Inc. is a parent company of Mercer Global Advisors, Inc. (RIA), majority owned by both Oak Hill Capital and Genstar Capital, one of the largest Registered Investment Advisors and financial planning firms in the U.S. with over $18.5 billion in client assets. Headquartered in Denver, Mercer Advisors is privately held, has over 400 employees, and operates nationally across the country. For more information, visit www.merceradvisors.com.
Data as of June 19, 2020. AUM includes affiliates and wholly owned subsidiaries.