CAPTRUST Financial Advisors has acquired Lakeside Wealth Management, a Chesterton, Ind.-based registered investment adviser with $1.6 billion in assets under management.
Lakeside will add about 150 retirement plan sponsors with $1.1 billion in assets to CAPTRUST's client roster, said Rick Shoff, managing director in CAPTRUST's Advisor Group.
In addition, the RIA firm will bring $500,000 in assets from its wealth management clients.
Mr. Shoff declined to disclose the terms of the deal, saying only that Lakeside took 100% of the deal in CAPTRUST equity.
With the addition of Lakeside, CAPTRUST now has more than $390 billion in assets under advisement, $45 billion in assets under management and a nationwide headcount of more than 700.
The acquisition is CAPTRUST's third acquisition this year. In March, it bought Welch Hornsby, a Montgomery, Ala.-based RIA firm, following the acquisition of Wilmington, N.C.-based Fountain Financial Associates in February.
The firm has swallowed up 41 advisory firms since 2006, the year it launched its "NFL strategy" to establish retirement plan and wealth advisory businesses in cities with NFL franchises.
It upped its commitment to acquisitions this month, selling a 25% stake to private equity firm GTCR in a bid to deploy more capital in support of its strategic plans to further expand the business nationally.
"We see tremendous opportunities ahead, and to execute them successfully, we need a strong capital partner," CAPTRUST's co-founder, chairman and CEO Fielding Miller said in a news release.
