CAPTRUST Financial Advisors has acquired Frontier Wealth Management in a move to expand its presence in the Midwest region of the US.

Based in Missouri, Frontier has offices in various US states including St. Louis, Missouri; Wichita, Kansas; Omaha, Nebraska; and Denver, Colorado.

The company provides various individuals, families, executives, and professionals with access to a number of services such as financial planning, investment, insurance as well as several wealth management solutions.

Frontier also offers advisory services to corporate retirement policies.

With the latest deal, Captrust is expected to add over $4bn in new client assets, five offices and 46 employees from Frontier.

The deal represents the first acquisition of Captrust this year and 57th since 2006.

Frontier, which is led by its partner and CEO Nick Blasi, will now operate under the brand name of Captrust.

Blasi said: “I have known Captrust for years. As I started creating Frontier’s strategic plan for the next three years, I realized that we would need to invest significant time, energy, and capital to build out areas of our business, like cybersecurity, marketing, and investment services, to continue to grow. These are already areas where Captrust has achieved significant scale.

“Joining CAPTRUST will benefit not only our clients, but the Frontier team as well.

“From the opportunity to become shareholders to new career paths, Captrust puts our team on a great trajectory for growth.”

In January this year, Captrust closed the acquisition of New Jersey-based Portfolio Evaluations (PEI).

In October last year, Captrust acquired wealth management firm Covenant Multifamily Offices to further expand its reach in the Texas region of the US.