North Carolina-based Captrust Financial Advisors has purchased the Private Advisory Group of Boston Advisors.
The acquired entity will adopt the Captrust brand. The deal value was not revealed.
The takeover brings over $1.5bn in wealth management assets to Captrust.
Captrust absorbed 15 employees from the Private Advisory Group as part of the deal.
This includes Private Advisory Group president and CIO Michael Vogelzang, who will now hold a senior leadership role in the consulting research group of Captrust.
Vogelzang stated: “We searched for the right strategic partner with three objectives: 1) find the right cultural fit for our clients; 2) provide a wider platform for our employees to grow professionally, and 3) enhance our ability to grow in Boston and the New England region.
The latest deal continues Captrust’s recent acquisition spree.
This August, the firm snapped up South Texas Money Management that added $3.7bn in assets to its books.
Earlier this year, Captrust added $2bn in assets with the acquisitions of McQueen, Ball & Associates, and Cornerstone Capital Advisors.
Currently, Captrust has a presence across 48 locations and adviser headcount of 234.
The firm manages over $340bn in assets, including wealth management assets of around $17bn. It tends to HNWIs, retirement plan fiduciaries, endowments, as well as foundations.
Commenting on the latest deal, Captrust CEO J. Fielding Miller said: “Mike and the rest of the Boston Advisors’ Private Advisory Group are top-notch talent who will fit right in and contribute immediately.”