Captrust acquires retirement business of Plante Moran

Deal for Michigan-based unit adds $6.27 billion in institutional assets

Captrust Financial Advisors, a Raleigh, North Carolina-based registered investment adviser specializing in retirement plans, has acquired the $6.27 billion retirement plan advisory practice of Plante Moran Financial Advisors, an accounting, consulting and RIA firm managing $17 billion in total.

Based in Grand Rapids and Southfield, Michigan, the Plante Moran retirement team advises approximately 200 institutional clients and 240 retirement plans.

Plante Moran partners Dori Drayton and Susan Shoemaker will join Captrust, along with 11 additional retirement team members.

Captrust says the deal will boost its assets under advisement to more than $400 billion.

Terms of the agreement were not disclosed.

[More: Captrust, prominent 401(k) advice firm, ramps up its wealth management business]