Captrust acquires $3.13 billion wealth management firm

Captrust acquires $3.13 billion retirement plan adviser

Sacramento, California-based Genovese Burford was founded in 1987 and has nearly 1,500 clients.

Captrust Financial Advisors, a Raleigh, North Carolina-based registered investment adviser, has acquired Genovese Burford & Brothers Wealth & Retirement Plan Management, a Sacramento, California-based RIA advising on $3.13 billion for nearly 1,500 clients.

GBB was founded in 1987 by Mike Genovese and Lon Burford. Other principals are Alex Brown, the chief executive, and partner Kelly Brothers. The firm’s 36 employees include 17 financial advisers.

[More: Captrust adds $3.29 billion with MRA Associates deal]

Captrust oversees more than $50 billion in assets under management and $409 billion in assets under advisement. GBB is the 46th firm it has acquired since 2006.

[More: Captrust acquires $800 million plan adviser]