By David Wignall

Serial acquirer Mercer Advisors announced Tuesday it has bought O'Brien Wealth Partners, a women-owned firm that manages $1.1 billion in client assets. The pickup is Mercer's eighth acquisition of the year and its 104th since 2016.

From its offices in Waltham, Mass., O'Brien Wealth primarily serves individuals and families throughout New England. The company, which was majority-owned by CEO Jill Fopiano before the acquisition, emphasizes the work it does to cater to female clients. "As a women-owned firm, we deeply understand the importance of giving women the tools they need to establish and enhance a successful relationship with their money," its website reads.

Fopiano joined O'Brien Wealth in 2012 and became its president in 2015. Before joining O'Brien, she held a variety of wealth management and investment positions at U.S. Trust and Citi.

Mercer views the acquisition as a beachhead in the New England market, says Martine Lellis, Mercer's co-head of M&A. The move is part of a broader inorganic growth strategy which has seen Mercer expand out of its traditional strongholds in the western U.S. and grow to oversee $72 billion in client assets. In June, Mercer acquired Full Sail Capital, an Oklahoma City-based firm with $2 billion in client assets. Since the start of the year, the firm has also picked up advisors in Tennessee, Kentucky, Colorado, Maryland, Oregon, and Georgia.

Lellis says Mercer sees inorganic growth opportunities in markets across the U.S., including in Indianapolis, New England, and the east and west coasts of Florida. "I can kind of go on and on," she notes.

The past year has seen a surge in dealmaking activity across the wealth management industry, as Mercer and other large acquirers have expanded their reach. "We've got a lot of activity," Lellis says. "This is the most competitive market we've seen, but we're still finding some really fantastic partners like O'Brien."

Mercer was No. 1 on Barron's list of top 100 RIA firms (but behind seven "mega" RIAs). Mercer is majority-owned by private-equity backers Oak Hill Capital, Genstar Capital, and Altas Partners.

Write to advisor.editors@barrons.com

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July 01, 2025 15:49 ET (19:49 GMT)

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