CAPTRUST Financial Advisors acquired registered investment adviser firm Nachman Norwood & Parrott Wealth Management, CAPTRUST announced in a news release Thursday.
Terms of the deal were not disclosed.
The acquisition of the Greenville, S.C.-based firm adds about 50 plan sponsors to CAPTRUST's client roster, a CAPTRUST spokeswoman said.
The combined asset size of the sponsors was unavailable.
CAPTRUST described the firm as one of the largest registered investment advisers in South Carolina, noting in the news release that it amassed more than $2.1 billion in assets under management advising high-net-worth individuals, qualified plans and endowments and foundations.
As part of the transaction, NPP partners Bob Nachman, Ben Norwood, Wes Boyce, Al Cannon, Maura Copsey, Gary Davis, and Russ Miller, along with 10 team members, have joined CAPTRUST.
The transaction follows five acquisitions CAPTRUST made earlier this year, including Cammack Retirement Group, an RIA firm that served more than 170 retirement plans with nearly 1.3 million participants.
CAPTRUST has been on a buying spree since 2006, acquiring 50 firms to date. As of June 1, it oversaw more than $60 billion in assets under management and more than $600 billion in assets under advisement.