Pittsburgh, Pennsylvania-based DB Root & Co., a member of Dynasty Financial Partners, is to acquire two firms in a move that will take combined assets to $5.2 billion.
DB Root has acquired Toledo, Ohio-based The Paul Abendroth Group and will joined forces with Pittsburgh-based R. Applegate & Associates, with a merger to follow next year.
Applegate brings $4.5 billion in assets under advisement and one advisor, the firm's founder Rick Applegate, to the combined group.
Abendroth brings $250 million of assets under advisement and two advisors, Paul Abendroth and Ryan Borucki, both of whom departed Rehmann Financial, a regional CPA firm.
Mercer adds to stable of RIAs
Mercer Advisors, a Santa Barbara, California-based RIA with $11.6 billion in assets, has acquired two RIAs, one in Connecticut and one in Texas.
The Connecticut firm, Pinnacle Investment Management, is based in Hartford, and has $180 million in assets under management.
Pinnacle founder and chief executive John Eckel and his entire team will be joining Mercer.
'We realized that joining Mercer would provide us with ... more resources on the investing and tax side, while freeing up our advisors to focus on their individual growth,' said Eckel.
'Firms of our size struggle with splitting our time between servicing our clients, growing our firm, while simultaneously managing our middle and back office. Adding Mercer's ample middle and back office capability to the mix allows our team' to serve clients,' he said.
Mercer has also acquired Murray & Co., an RIA in Austin, Texas, with $85 million in assets under management. This deal adds to Mercer's more than $2 billion of assets in Texas.
Mercer has been active in Texas, last year merging with Houston-based Kanaly Trust and acquiring Dallas-based Pegasus Advisors.