The combined assets under advisement is $243 billion, according to a CAPTRUST news release issued Tuesday. The Raleigh firm had $224 billion in assets under advisement; the Tampa firm had $19 billion in assets under advisement. The purchase price wasn't disclosed.
The two firms have similar names thanks to a similar history, explained Olivia Gagnon, a CAPTRUST spokeswoman in an email.
"Our businesses began as part of the same company, CapTrust Financial Advisors LLC, (which) was founded in 1997 by Interstate/Johnson Lane, a brokerage firm headquartered in Charlotte, N.C.," Ms. Gagnon wrote.
"The organizations now known as CAPTRUST (Raleigh) and CapTrust Advisors (Tampa) were two of the original members of CapTrust Financial Advisors LLC," she added. "The original holding company has since been replaced by an association that allows us both to use the name under strict guidelines."
The combined companies have 269 employees, she wrote. There were no layoffs.
"Given our relationship with them over the last 19 years, we understand the firm and its culture intimately, and we are excited for them to tap into the resources of the larger organization," said J. Fielding Miller, CEO and co-founder of CAPTRUST, in the news release.