Private equity firm General Atlantic has picked a minority stake in Kansas-based wealth manager Creative Planning.

The precise stake size or other financial details regarding the transaction were not revealed.

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General Atlantic managing director and co-head of financial services Paul Stamas said: “We strongly believe that Creative Planning stands well-positioned as an industry leader to capture the significant opportunity that exists in the registered investment adviser space, and we are energised to be partnering with the Company as it continues its expansion.”

Creative Planning CEO Peter Mallouk will retain a majority holding in the business and his existing position.

Spearheaded by Mallouk, the firm’s assets are currently said to have surged to nearly $50bn from below $100m in 2004.

“We are excited to partner with an investor who shares our vision and is committed to continuing on the Creative Planning path, which is to focus on a long-term plan to emerge as the leader in the industry,” Mallouk stated.

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Creative Planning offers estate planning, trust services, tax advice, family office services as well as 401(k) services, among others.

Currently, it has 27 branches and customers across all 50 states in the US. Its staff headcount stands at 650.

The firm carried out several consolidation activities last year. These include the acquisitions of The Johnston Group that marked its first purchase, America’s Best 401k, OptiFour, and Hogan Financial Management.

Creative Planning continued its buying spree this year with the purchase of Stratford Consulting.