CAPTRUST Financial Advisors acquired the retirement plan advisory practice of Plante Moran Financial Advisors, a Southfield, Mich.-based registered investment adviser firm.
The acquisition of Plante Moran's retirement business, which serves about 240 retirement plans with more than $6.27 billion in assets, will bring CAPTRUST's assets under advisement to more than $400 billion, CAPTRUST said in a news release.
Terms of the deal were not disclosed.
Dori Drayton and Susan Shoemaker, Plante Moran partners, will join CAPTRUST as senior vice presidents. "Susan and Dori have built a phenomenal team. They have made us better immediately and we believe they will benefit from the significant scale we have built in the retirement business at CAPTRUST," said Rick Shoff, managing director of CAPTRUST's Advisor Group, in the news release.
The Plante Moran acquisition is CAPTRUST's fourth this year. In June, it bought Lakeside Wealth Management, a $1.6 billion RIA firm based in Chesterton, Ind., following the purchase of Montgomery, Ala.-based Welch Hornsby in March and Wilmington, N.C.-based Fountain Financial Associates in February.
CAPTRUST has been on a buying spree since 2006, acquiring 42 firms to date. In June it upped its commitment to acquisitions, selling a 25% stake to private equity firm GTCR in a bid to deploy more capital to support its strategic plans to further expand the business nationally.
