May 23, 2022


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Financial Advisor IQ – Content Page

Captrust Financial Advisors says it’s expanding its endowment and foundation offering with the addition of a large Chicago-based practice.

Ellwood Associates caters to endowments and foundations, retirement plans, hospitals, family offices and high-net-worth individuals, according to Captrust. The addition of Ellwood is expected to bring Captrust around 200 clients and $85 billion in assets, as well as establish Captrust’s first location in Chicago and boost its presence in Denver, the company says.

In all, 55 Ellwood employees will join Captrust, according to the firm. The companies didn’t disclose the financial terms fo the deal, which is expected to close in the fourth quarter.

Captrust has made several large acquisitions this year.

Last month, the firm added a $2.1 billion wealth management practice based in South Carolina, and the month before it acquired a $873 million practice based in Atlanta.

Captrust’s biggest deal so far this year was the acquisition of Cammack Retirement Group in February, which brought in $154 billion in client assets.

Last year, Captrust had five deals, which made it one of the largest RIA acquirers in 2020, according to consulting firm DeVoe.

Founded in 1997 in Raleigh, N.C., Captrut had close to 900 employees overseeing more than $60 billion in assets under management and over $600 billion in assets under advisement from more than 50 locations around the country as of June 1, the company says.

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