CAPTRUST completes Pacific Investment acquisition
CAPTRUST completes Pacific Investment acquisition
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CAPTRUST Financial Advisors has acquired retirement planning and wealth management services firm Pacific Investment Consultants, the company said.
The acquisition adds roughly 60 retirement plans with $700 million in assets under management to CAPTRUST s client roster, a CAPTRUST spokeswoman said Monday. Terms of the deal, which closed Feb. 26, were not disclosed.
The deal follows CAPTRUST s acquisition in January of Cammack Retirement Group, a registered investment advisory firm with more than 170 plan sponsor clients representing nearly 1.3 million participants. It also in January bought Genovese Burford & Brothers Wealth & Retirement Plan Management, a Sacramento, Calif.-based RIA firm with $3.13 billion in assets under advisement.
Captrust Adds $700M California RIA From Wells Fargo FiNet thinkadvisor.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thinkadvisor.com Daily Mail and Mail on Sunday newspapers.
CAPTRUST Continues to Grow Northern California Wealth Management Offering with Addition of Pacific Investment Consultants
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RALEIGH, N.C., April 1, 2021 /PRNewswire/ CAPTRUST Financial Advisors (CAPTRUST) today announced that Pacific Investment Consultants (PIC) has joined the growing firm. PIC brings more than $700 million in assets under management (AUM) to CAPTRUST and comes on the heels of the firm adding another Northern California-based team, Genovese Burford & Brothers Wealth & Retirement Plan Management, LLC (GBB).
Based in Folsom, California, PIC provides wealth management and retirement planning to roughly 600 clients. The firm is led by financial advisors Christeen Reeg, Scott Gordon, Bill Altavilla, Debbie Hightower, and Ryan Jantzen, who will join CAPTRUST as principals. The entire PIC team, including four additional team members, will join CAPTRUST.
The acquisition furthers Captrust s hold in the retirement plan space, now at over $600B AUA.
Captrust continues to deepen its hold in the institutional retirement services market.
Captrust announced Tuesday that it acquired Cammack Retirement Group, a 50-year-old company with $154 billion in assets under administration, bringing Captrust s total retirement plan assets under administration to over $600 billion.
“CAPTRUST is coming out of the gates strong in 2021,” said David DeVoe of consulting firm DeVoe & Company in San Francisco, in an email. “After five deals in 2020, they have already signed four in 2021. Half a trillion has a nice ring to it. It s a significant milestone for the organization.”
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