Captrust adds $900 million in pension assets with acquisition of Patriot Pension Advisors
The deal for the Massachusetts firm marks the 59th acquisition for Raleigh, North Carolina-based Captrust.
Captrust Financial Advisors has acquired Patriot Pension Advisors, a Foxborough, Massachusetts-based firm overseeing more than $900 million worth of pension plan assets.
The deal, announced Wednesday, marks the 59th acquisition for Raleigh, North Carolina-based Captrust, which has more than $100 billion under management and more than $750 billion under advisement.
The addition of PPA expands Captrust’s footprint in Massachusetts. More than 50 staffers from Rinet and Cammack Retirement Group joined the firm in December and February 2021, respectively, and Boston Advisors joined in 2019.
“Overall, we needed more tools and resources for our plan sponsors and plan participants,” Ted Burke, Patriot Pension Advisors’ owner and managing director, said in a statement.
“We are looking forward to enhanced fiduciary and investment training, plus greater access to marketing content to educate our clients,” Burke added.
“We are excited to build out our institutional business in the Northeast with the addition of PPA,” said Rick Shoff, managing director of Captrust’s Advisor Group.
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