North Carolina-based Captrust Financial Advisors has acquired Welch Hornsby, an investment advisory firm with $5.5bn in assets under advisement.
The deal value was not revealed. The acquired entity will now adopt the Captrust brand.
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Welch Hornsby, which caters to clients in over 15 states, is the 40th group to join the Captrust network since 2006.
The deal increases Captrust’s assets to nearly $370bn and staff headcount to over 675.
Captrust senior director of Strategic Growth Rush Bento said: “The Welch Hornsby team has built a remarkable firm that has prioritised doing what’s right for their clients above all else. This made them an ideal fit to join Captrust.”
Headquartered in Montgomery, Alabama, Welch Hornsby serves HNWIs and families, endowments, foundations, corporate and municipal retirement plans, as well as other institutional clients.
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By GlobalDataThe firm, set up in 1988, has branches in Montgomery and Birmingham in Alabama and Charlotte in North Carolina.
This bolsters the existing presence of Captrust in Alabama. The firm already has an office in the state catering to 34 retirement plan sponsors.
As part of the deal, Captrust will absorb Welch Hornsby co-founder, chairman and CEO Edward Welch, Jr.
Welch called Captrust an ideal partner.
“Our cultural alignment, mutual dedication to our clients, and respective local communities—along with our ability to tap into a network of robust resources at Captrust—lays a foundation for the firm’s growth for the next generation of clients and employees,” he said.
The acquirer will also retain Welch Hornsby’s 14 financial advisers and research professionals along with 12 operational staff.
The acquisition comes shortly after the announcement of leadership changes at Captrust.
As part of the changes, Ben Goldstein was appointed as the firm’s president while Michael Vogelzang was named its chief investment strategist.
Besides, last month, the firm snapped up Fountain Financial Associates.
