North Carolina-based Captrust Financial Advisors has expanded its regional presence with the purchase of Fountain Financial Associates.

Fountain is a financial planning and investment management business set up in 1998.

The takeover of Wilmington-based Fountain offers the fourth North Carolina office for Captrust, adding to the acquirer’s other locations in Raleigh, Greensboro, and Charlotte.

The deal, whose value was not revealed, increases Captrust’s assets under management by $654m.

As part of the deal, Captrust absorbed 10 Fountain staff, which includes five advisers.

These employees include Fountain founder Vinton Fountain as well as advisers Buck Beam, Brice Gibson, Chris Riley, and Bob Warwick. They will now become part of the wealth management practice of Captrust.

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This has increased Captrust’s North Carolina staff headcount to over 330, including more than 50 advisers.

Captrust president Ben Goldstein said: “There are many important characteristics that we at CAPTRUST look for when considering having a new firm join our team. Among them is having the strong conviction to act as a fiduciary and put the needs of their clients and the community first.

“These two traits have been a core part of Fountain Financial Associates since the very beginning.”

Captrust caters to HNWIs, retirement plan fiduciaries, endowments, and foundations. The firm manages over $18bn in wealth management assets.

Last year remained busy for Captrust with a series of consolidation activities.

In June 2019, the firm acquired McQueen, Ball & Associates, and Cornerstone Capital Advisors.

Later in 2019, Captrust snapped up the Private Advisory Group of Boston Advisors, and South Texas Money Management .