Captrust Buys $2.2B RIA in Boston
RINET is the second firm that Captrust has bought this year with a focus on family office services.
Captrust Financial Advisors is buying RINET Co., its eighth deal of the year. The Boston-based RIA joins Captrust with $2.2 billion of assets and 26 staffers.
The latest purchase comes 10 months after Captrust bought Cammack Retirement Group, which added $154 billion in retirement assets and offices in Wellesley, Massachusetts (near Boston), as well as in New York and Lexington, Kentucky. Captrust also bought Boston Advisors’ Private Advisory Group in 2019.
“It has been our belief since we began acquiring firms in 2006 that there is a clear benefit to offering both wealth and institutional services within a single market,” according to Rush Benton, senior director, strategic growth for Captrust.
“This has been one of our main drivers of deals for us and has helped us to accelerate our integration process when we are growing in markets where we already have a footprint,” Benton added.
RINET is the second firm that Captrust has bought this year with a focus on family office services. In October, it added Covenant Multifamily Offices, which has $2.6 billion of assets and offices in Dallas, San Antonio and Boerne,Texas, and Oklahoma City.
The RIA is led by Brian Rivotto, Gary Savage and Rebecca Pouliot, who will be joining Captrust.
Captrust has more than 1,000 employees in 60 locations; it oversees about $85 billion in assets under management and $660 billion in assets under advisement.
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