Captrust acquires $654 million Fountain Financial

Captrust, a registered investment adviser with $18 billion in wealth management assets, has acquired Wilmington, N.C.-based Fountain Financial Associates, an RIA managing $654 million.

Fountain Financial’s team of 10 employees, including five advisers, joins Captrust’s wealth management practice. The acquisition will be Captrust’s fourth location in North Carolina, the Raleigh-based firm said in a release. The firm’s other North Carolina offices are in Greensboro and Charlotte.

[More: Captrust strikes again, buys $1.5 billion RIA]

Captrust specializes in providing advisory services to retirement plans and has $368 billion in client assets under advisement. But in the last few years, it has focused on the growth opportunities in retail wealth management and has made a number of acquisition of advisory firms that work with retail investors.

[More: Captrust, prominent 401(k) advice firm, ramps up its wealth management business]

Related Topics: Mergers and Acquisitions, Registered Investment Advisers, Retirement Plan Advisers