CAPTRUST Financial Advisors has acquired registered investment adviser firm Patriot Pension Advisors for an undisclosed amount, CAPTRUST announced in a news release Wednesday.
The acquisition of the Foxborough, Mass.-based RIA firm adds 26 retirement plans with more than $900 million in assets under management to CAPTRUST's client roster, a CAPTRUST spokeswoman said.
The acquisition also expands Raleigh, N.C.-based CAPTRUST's footprint in Massachusetts, where it currently has one office in Boston. "We are excited to build out our institutional business in the Northeast with the addition of PPA," Rick Shoff, managing director of CAPTRUST's Advisor Group, said in the news release.
The transaction follows CAPTRUST's acquisition of RIA firm Reynolds Investment Management in August, which bolstered CAPTRUST's assets by more than $600 million. CAPTRUST last year acquired nine RIA firms, including Cammack Retirement Group and Ellwood Associates.
CAPTRUST has been on a buying spree since 2006, acquiring 59 firms to date. As of June 30, it oversaw more than $100 billion in assets under management and more than $750 billion in assets under advisement, according to the news release.
