Captrust Monetary Advisors acquired Patriot Pension Advisors, an unbiased observe that oversees greater than $900 million in shopper property, the corporate mentioned.
Patriot Pension Advisors, which was affiliated with LPL Monetary, makes a speciality of serving sponsors of retirement plans, together with 401(okay), 403(b), and defined-benefit plans. The deal for the Foxborough, Mass.-based agency expands Captrust’s footprint in New England and provides to the corporate’s retirement plan capabilities.
Dreamstime
“We’re excited to construct out our institutional enterprise within the Northeast with the addition of PPA,” Rick Shoff, managing director of Captrust’s Advisor Group, mentioned in a press release.
Captrust, a registered funding advisor based in 1997, has been on an acquisition tear. The Patriot Pension Advisors deal is Captrust’s 59th acquisition since 2006 and the third this 12 months, in response to the Raleigh, N.C.-based RIA. Captrust has greater than 1,100 workers and oversees greater than $100 billion in property underneath administration, with greater than $750 billion in property underneath advisement as of June 30.
Captrust caters to retail buyers in addition to retirement plan sponsors, endowments, foundations, and spiritual entities. With a few of its acquisitions in recent times, the corporate has expanded its capabilities to serve institutional buyers. In 2021, Captrust acquired Ellwood Associates, which suggested on $85 billion in property and had a big enterprise serving endowments, foundations, and different establishments.
As with Captrust’s different acquisitions, Patriot Pension Advisors will undertake the Captrust model. Captrust didn’t disclose phrases of the deal.
Patriot Pension Advisors is led by Ted Burke, an advisor with 30 years of expertise, in response to SEC registration data. He and his colleague Michelle Marchionni, director of shopper relations, will be part of Captrust.
“General, we would have liked extra instruments and sources for our plan sponsors and plan contributors,” Burke mentioned in a press release. “We’re trying ahead to enhanced fiduciary and funding coaching, plus better entry to advertising content material to teach our shoppers.”
Captrust ranked No. 4 on Barron’s checklist of Top RIA Firms in 2022.
Write to Andrew Welsch at andrew.welsch@barrons.com
