GTCR, a Chicago-based private equity firm that invests in financial services and technology firms, has taken a 25% stake in Captrust Financial Advisors, the first time the Raleigh, N.C.-based advisory has secured capital from a PE firm.
The investment reflects a $1.25 billion valuation of Captrust, which specializes in serving institutions and retirement plans, and will be used to provide partial liquidity to shareholders and as primary capital to fund acquisitions. Fielding Miller, the firm’s co-founder, chairman and CEO, will continue to lead Captrust and remain as the largest shareholder.
In a release, Captrust said that the GTCR investment has a minimum seven-year time horizon, and that the firm will hold two of the nine seats on the Captrust board.
Captrust advises on more than $390 billion in assets, including $45 billion in managed assets, and has more than 700 employees and 43 offices in 21 states.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
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