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Santa Barbara, Calif., wealth management firm Mercer Advisors said Tuesday it has acquired Simsbury's Pinnacle Investment Management Inc. for an undisclosed sum.
Pinnacle, an investment management and financial planning firm, has more than $180 million in assets under management. The firm was previously been named to Worth Magazine's list of top financial advisors and Bloomberg Wealth Manager's list of top wealth managers.
Mercer said Pinnacle founder and CEO John Eckel and his entire team will join the Santa Barbara firm.
Mercer CEO Dave Weller said the acquisition will help Mercer "deepen" its presence in Connecticut and the Northeast.
"Mercer's size, strength, culture and family office structure is the future for firms like us to meet all of our collective goal," said Eckel.
The deal increases Mercer's client assets to approximately $11.6 billion, with 7,800 clients nationwide.
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