Captrust Financial Advisors, a Raleigh, North Carolina-based registered investment adviser managing $60 billion, has agreed to acquire Ellwood Associates, a Chicago-based firm overseeing $85 billion in assets.
The deal, the terms of which were not disclosed, represents Captrust’s first foray into Chicago. Ellwood Associates is the 51st firm that Captrust has acquired since 2006.
A total of 55 Ellwood employees will be joining Captrust, including a team of consultants with an average of 20 years of industry experience.
Ellwood, which was founded in 1977, serves endowments and foundations, retirement plans, hospitals, family offices and high-net-worth individuals. It will also add expertise on alternative investments to Captrust’s investment team.
“When looking for the next step for Ellwood, we knew we wanted to be a part of a majority employee-owned firm to continue our own legacy of employee ownership,” Timothy Egan, a senior consultant and healthcare practice leader at Ellwood, said in a press release. Egan will become a principal at Captrust..
Captrust, which specializes in retirement plans, advises on $600 billion in assets.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
