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January 08, 2021 at 03:02 PM
Captrust Financial Advisors has continued its western expansion by acquiring the assets of Phoenix-based RIA MRA Associates, a firm with $3.29 billion in assets under management that also has offices in Las Vegas and Wayzata, Minnesota.
The addition of MRA also allows Captrust to start offering a new service for clients: income and estate tax compliance and consulting services for individuals, families, trusts, and related closely held operating businesses and entities, it said. The 59-person firm includes 12 advisors, 10 tax advisors and 37 additional staff, a Captrust spokesperson said Friday.
The transaction was completed in mid-November and announced Thursday. Financial terms were not disclosed.
With the addition of MRA, Captrust now has 330 total advisors, including 107 institutional advisors, 198 wealth advisors and 25 hybrid advisors. As of Sept. 30, it had $50 billion in AUM and $409 billion in AUA.
MRA was founded in 1991 and is led by Mark Feldman, its CEO and one of the firm’s managing partners, along with Brad Lemon, Christina Burroughs, Mike Hirte and Nathan Erickson, who is also its chief financial officer.
“The decision to join Captrust was an easy one once we understood the considerable level of scale we would be plugging into,” Feldman said in a statement. “I believe all of our clients will benefit greatly from the depth of the firm’s investment capabilities, as well their institutional capacity and leverage.”
Captrust already has several locations in California. But MRA is the firm’s first office in Phoenix. It did, however, add an advisor in 2020 — Frank Pyles — who has a non-branch location in Phoenix.
