CAPTRUST Financial Advisors acquired Welch Hornsby, a Montgomery, Ala.-based registered investment adviser with $5.5 billion in assets under advisement.
The new firm will strengthen CAPTRUST's position in Alabama, where it has an office serving 34 retirement plan sponsors representing $4.3 billion of client assets, CAPTRUST said in a news release.
Welch Hornsby will bring about 470 wealth management, corporate and municipal retirement plan and other institutional clients to CAPTRUST, according to Rush Benton, CAPTRUST's senior director of strategic growth. Of Welch Hornsby's $5.5 billion in assets under advisement, $1.75 billion are discretionary assets under management, he said.
Mr. Benton declined to disclose the terms of the deal but said firms that join CAPTRUST typically join with a mix of cash and equity with at least 50% of the deal being CAPTRUST equity.
Last month, CAPTRUST purchased Fountain Financial Associates, a Wilmington, N.C.-based RIA firm with $654 million in assets under management.
CAPTRUST, a longtime buyer of advisory firms, has swallowed up some 40 firms since launching its "NFL strategy" in 2006, a strategy that looks to have retirement plan and wealth advisory businesses in cities that have NFL franchises.
With the acquisition of Welch Hornsby, CAPTRUST now oversees an estimated $370 billion in assets, CAPTRUST said.