CAPTRUST Financial Advisors has acquired MFP Strategies to expand its work in wealth management and in investment and retirement plan advisory services, said John Curry, senior director of marketing at CAPTRUST.
Terms of the acquisition, which closed July 31, were not disclosed.
Mr. Curry said in an interview that MFP Strategies focuses on ultra high-net-worth wealth management as well as investment services for institutions in the $10 million to $100 million-asset range.
Before the acquisition, MFP Strategies had approximately $5 billion in assets under advisement compared with the $174 billion in assets under advisement for CAPTRUST, Mr. Curry said. CAPTRUST concentrates on wealth management as well retirement services for institutions primarily in the $25-million to $250-million asset range.
The 25 MFP employees have joined the 340 employees at CAPTRUST, Mr. Curry said. Mike Molewski, MFP’s founding partner, will assume the title of principal at CAPTRUST, he added.
“This is a great fit,” CAPTRUST CEO Fielding Miller said in a news release issued Thursday. “We are looking forward to the opportunities that this merger creates.”