Captrust acquires $1.4 billion wealth shop

Captrust acquires $1.4 billion wealth shop
The purchase of FCE Group continues Captrust's strategy of boosting its wealth management business.
OCT 16, 2018

Captrust Financial Advisors has acquired FCE Group, a $1.4 billion advisory firm based in Lake Success, N.Y., building on its multiyear strategy to expand revenues from wealth management operations. FCE Group, whose legal name is First Capital Consulting Inc., derives the vast majority of its assets from retail wealth management, managing $1.2 billion for more than 600 high-net-worth and other individuals, according to the firm's most recent Form ADV filing with the Securities and Exchange Commission. FCE Group, founded in 1981, is led by Chairman David Schwartz and CEO Fred Sloan. The firm has 15 investment advisers, according to the SEC filing. Captrust manages $278 billion in client assets and has more than 480 employees across 38 offices in 20 states. The firm, which has historically purchased retirement-plan-focused advisory firms, has begun ramping up its acquisitions of wealth management practices as its executives aim to boost annual revenue from the wealth management business to 50% from 30%.

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