Captrust Financial Advisors has acquired New Jersey-based Portfolio Evaluations (PEI) for an undisclosed amount.
The deal closed in late 2021 marking Captrust’s ninth acquisition of the year and 54th since 2006.
The acquired entity provides advice, guidance, direction, and education to the fiduciaries of institutional investment programmes, such as retirement plans, foundations, endowments, and family office groups.
The firm was founded in 1992 by Attila Toth, Michael Sasso, and Rich Torbinski.
Commenting on the deal, Toth said: “At PEI, the cornerstones of our success have been our independence, fiduciary process, and our focus on serving our clients. CAPTRUST aligns well with these core values and will allow us to continue our remarkable track record of growth.”
Sasso added: “Joining forces with CAPTRUST will allow us to build out this solid foundation with additional services like participant advice and expands our expertise in areas like alternatives and nonqualified benefits.”
The deal adds $107bn in assets and ‘several hundred’ clients to Captrust.
PEI is said to be the third significant institutional-focused firm to be taken over by Captrust in 2021, following its acquisition of Cammack Retirement Group in February 2021 and Ellwood Associates in August 2021.
Captrust Advisor Group managing director Rick Shoff commented: “We’ve admired PEI for years, and they’ve been a formidable competitor. We are excited for this next chapter and believe coming together as two powerhouses in the independent advisory industry will only serve to make us all stronger.”
In October last year, Captrust acquired wealth management firm Covenant Multifamily Offices to further expand its reach in the Texas region of the US.