Captrust President Ben Goldstein, left, and Fountain Founder Vinton Fountain.
The latest acquisition by Raleigh, North Carolina-based RIA Captrust Financial Advisors is Wilmington, North Carolina-based Fountain Financial Associates and its $654 million in assets under management.
With the addition of RIA Fountain, Captrust now has more than 330 employees in the state of North Carolina, including over 50 advisors, it said. Prior to the purchase, Captrust had more than 650 employees across the U.S. overall and represented over $18 billion in wealth management assets, with a total of $368 billion in assets under advisement, it said.
The purchase price wasn't provided Thursday by Captrust, whose managing director and advisor group head, Wilson Hoyle, told ThinkAdvisor in December that the firm was looking to keep growing organically and through M&A in 2020 after a "record year for organic growth" and five acquisitions in 2019.
Those 2019 acquisitions included Boston Advisors' Private Advisory Group, South Texas Money Management, Cornerstone Capital Advisors and McQueen, Ball & Associates. Captrust also added three partners from Atlanta-based FiduciaryVest to its growing institutional retirement plan advisory practice. The FiduciaryVest team, led by Philly Jones, added more than $13 billion in client assets under advisement, Captrust said in April.
Fountain's team of 10 employees, including five advisors, joins Captrust's wealth management practice. The addition represents the fourth location for the rapidly growing Captrust in North Carolina, including the firm's headquarters in Raleigh, as well as offices in Greensboro and Charlotte.
