CAPTRUST Financial Advisors, Raleigh, N.C., acquired Freedom One Financial Group, Clarkston, Mich., confirmed Fielding Miller, CEO and founder of CAPTRUST, which provides financial advice and fiduciary support to institutional investors and private investors.
Terms of the deal were not disclosed.
In an interview, Mr. Miller, said the acquisition, which closed Dec. 31, represented a strategic expansion of his firm's scope. CAPTRUST, which has about $81 billion in assets under advisement, caters to clients with retirement assets ranging from $20 million to more than $1 billion, he said.
Freedom One — which provides investment advisory services, record keeping and fiduciary services — serves 401(k) clients with assets of less than $20 million, Mr. Miller said. It has less than $5 billion in assets under advisement.
He said the acquisition will expand CAPTRUST to 245 employees from 200.