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Industry Spotlight > Mergers and Acquisitions

Captrust Adds $700M California RIA From Wells Fargo FiNet

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What You Need to Know

  • Pacific Investment Consultants manages more than $700 million in assets from about 600 clients.
  • This is the second Northern California firm that Captrust has announced acquiring in the past two months.
  • PIC is transitioning to the Captrust name and brand.

Captrust Financial Advisors has continued its westward expansion by acquiring the assets of Folsom, California-based Pacific Investment Consultants (PIC), an independent RIA that had been part of Wells Fargo Advisors Financial Network.

PIC manages more than $700 million in assets from about 600 clients. It is the second Northern California firm that Captrust has announced acquiring in the past two months, following Genovese Burford & Brothers Wealth & Retirement Plan Management of Sacramento, California, in February, Captrust said Thursday.

The addition of PIC also follows Captrust’s announced acquisition of Phoenix, Arizona-based MRA Associates in January.

PIC provides wealth management and retirement planning, and is led by financial advisors and principals Christeen Reeg, Scott Gordon, Bill Altavilla, Debbie Hightower and Ryan Jantzen, who will join Captrust as principals as part of the deal. The entire PIC team, including four additional team members, will join Captrust also. Financial terms of the deal, which closed Feb. 26, weren’t disclosed.

“Joining Captrust will allow us to leverage their vast resources to strengthen our client outcomes and grow our team,” according to Reeg.

As with all firms that join Captrust, PIC will transition to the Captrust name and brand. Wells Fargo declined to comment Friday on losing PIC to Captrust.

Since 2006, a total of 48 firms have joined Raleigh, North Carolina-based Captrust, which said it oversees more than $60 billion in assets under management and $600 billion in assets under advisement (as of Feb. 15).

“We look for firms who prioritize serving their clients as a fiduciary and PIC was no exception,” Rush Benton, Captrust senior director of strategic growth, said in a statement. “We are excited for PIC to join our team and believe they will fit flawlessly into our business, with the new team members adding great value to the Captrust organization.”