Captrust adds $427 million hybrid RIA

Morton Wealth Management is Captrust's 30th deal since 2006.

Captrust Financial Advisors has acquired Morton Wealth Management, a Greensboro, N.C.-based hybrid registered investment adviser with $427 million in client assets. Terms of the deal were not disclosed.

Captrust added three advisers to its ranks through the acquisition, bringing its total to 159 advisers with an aggregate $278 billion in assets. The bulk of Captrust’s overall assets and advisers come from defined-contribution plans.

The acquisition of Morton Wealth Management was the firm’s 30th deal since 2006, according to Captrust.

(More: Merger and acquisition activity drops dramatically in the second quarter)

Morton’s advisers manage $372 million for high-net-worth individuals and $55 million for individuals not considered high-net-worth, according to the firm’s most recently filed Form ADV.