North Carolina-based investment advisory firm Captrust Financial Advisors has acquired Chesterton, Indiana-based peer Lakeside Wealth Management.

Financial details on the deal were not revealed.

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The purchased business adds $1.6bn in assets under advisement (AUA) to Captrust’s books, including $1.1bn in institutional and $526m in wealth management assets.

This increases the acquirer’s asset to more than $390bn.

Lakeside, which offers retirement plan design, investment management, and participant education for institutions and financial planning, and legacy planning for wealth clients, will adopt the Captrust brand.

Captrust managing director in Advisor Group Rick Shoff indicated that the firm intends to continue its organic and inorganic growth despite the turbulent times.

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“Lakeside Wealth Management is an ideal fit for CAPTRUST not only because of the alignment across their three lines of business, but also because they are a firm that prioritises giving back to their community,” Shoff noted. 

Captrust also absorbed 27 employees from Lakeside, increasing its staff strength to over 700.

The personnel joining Captrust include Lakeside’s CEO Mark Chamberlain, president Tim Rice and senior leaders Chip Mang and Timothy VerSchure. They will become principals at Captrust.

The acquisition marks Captrust 41st deal since 2006.

The deal comes shortly after private equity firm GTCR picked a 25% stake in Captrust.

Earlier this year, Captrust snapped up Fountain Financial Associates, a financial planning and investment management firm with $654m in assets.