PE firm Merchant buys stake in Axiom Financial Strategies The deal shows that private equity investors are starting to move down-market to invest in smaller registered investment advisers. March 5, 2021 Private equity investor Merchant Investment Management has taken a minority ownership stake in Axiom Financial Strategies Group, a $450 million advisory firm based in New Albany, Indiana. The deal, described as supporting Axiom’s continued “efforts to improve the client experience and financial planning process to meet the changing needs of the businesses and families they serve,” represents a move down-market for the private equity space. Private equity has been pouring millions into the wealth management space over the past several years, primarily by buying stakes in large consolidators that fuel acquisitions.