CAPTRUST Financial Advisors has acquired registered investment adviser firm Portfolio Evaluations Inc., said a news release Friday.
Terms of the deal, which closed in late 2021, were not disclosed.
The acquisition of the firm adds more than 200 retirement plans with nearly 1 million participants and $107 billion in assets under advisement to CAPTRUST's client roster, a CAPTRUST spokeswoman said.
PEI provides advice, guidance, direction and education to the fiduciaries of institutional investment programs, including retirement plans, foundations, endowments and family group offices. It is led by co-founders and partners Attila Toth, Michael Sasso and Richard Torbinski.
Rick Shoff, managing director of CAPTRUST's adviser group, praised PEI as a "formidable competitor," saying in the news release that "coming together as two powerhouses in the independent advisory industry will only serve to make us all stronger."
The transaction follows CAPTRUST's acquisition of eight other RIA firms over the past year, including Cammack Retirement Group and Ellwood Associates.
CAPTRUST has been on a buying spree since 2006, acquiring 54 firms to date. As of Sept. 30, it oversaw more than $85 billion in assets under management and more than $660 billion in assets under advisement, according to the release.
Consulting firm Wise Rhino Group served as the exclusive adviser to PEI.
