CAPTRUST Financial Advisors has acquired South Carolina-based Nachman Norwood & Parrott Wealth Management (NNP) for an undisclosed amount.

A registered investment advisor, NNP brings more than $2.1bn in assets under management to Captrust.

NNP offers financial planning and consulting services to high-net-worth individuals, qualified plans, and endowments and foundations.

The firm is managed by partners Bob Nachman, Ben Norwood, Wes Boyce, Al Cannon, Maura Copsey, Gary Davis and Russ Miller. It adds ten more team members to Captrust.

Nachman said: “Even as one of the largest firms in South Carolina, we knew we would need access to even greater tools and resources to continue to provide an outstanding client experience.

“Joining Captrust will allow our team to relinquish operational duties and focus our time and energy on our core competency of taking care of clients and delivering sound financial advice.”

NNP is the 50th group to join Captrust since 2006, including five in 2021 to date.

Captrust senior director of strategic growth Rush Benton noted: “NNP has built a notable practice in South Carolina, a state where we have long had clients, and are excited to now have a physical presence.

“NNP’s three business lines, along with their dedication to the fiduciary model, made them a great fit for Captrust.”

In February this year, Captrust purchased Genovese Burford & Brothers Wealth & Retirement Plan Management, which manages $3.13bn in assets.