Captrust buys $ 3.7 billion Texas RIA

Captrust Financial Advisors closed its fourth deal in 2019, closing a multi-billion dollar RIA in Texas.

The Raleigh, NC-based company announced Thursday that it is acquiring South Texas Money Management (STMM), a $ 3.7 billion RIA based in San Antonio. Financial details of the transaction, which is expected to close in September, were not disclosed.

“When we first met the South Texas Money Management team, it was clear that they work with their clients with the same enthusiasm and care that has become a hallmark of Captrust’s services,” said J. Fielding Miller, CEO of Captrust (pictured above).

“The South Texas Money Management team perfectly embodies the spirit and ambition we envision for the future of Captrust, and we look forward to building on this company’s impressive Texas legacy in the years to come.”

STMM has 60 employees in six offices across Texas. The acquisition of the company by Captrust is the result of the succession plan of the late STMM Chairman Jeanie Wyatt, who passed away in April 2019.

‘When Jeanie, her son Trey, and I worked with the STMM management team to work out the succession plan that eventually led us to Captrust, we explicitly did so based on two guiding principles: what is best for our customers and what is best for our employees, ”said Richey Wyatt, Jeanie Wyatt’s stepson. “Under the leadership of Jeanie, we unanimously agreed in a thorough process that Captrust is our ideal strategic partner.”

Captrust has total assets of approximately $ 340 billion, of which approximately $ 9.6 billion is in the asset management division.

Known for its institutional money management, Captrust acquired additional companies in 2019 that focus on advising individuals. In June, the company acquired $ 1.3 billion in McQueen, Ball & Associates of Bethlehem, Penn. and $ 770 million at Cornerstone Capital Advisors of Green, Ohio.

In March, Captrust added a $ 13 billion team of retirement plan advisors from FiduciaryVest. The company has made more than 30 acquisitions since 2006.

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