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.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
