CAPTRUST Buys $1.1B Pacific NW Wealth Manager
CAPTRUST Financial Advisors, an independent registered investment advisor, announced the acquisition of Trutina Financial, a $1.1 billion Bellevue, WA-based wealth manager for institutional and individual clients.
Financial terms of the deal were not disclosed.
Like Raleigh, NC-based CAPTRUST, Trutina focuses on family wealth management, retirement plan services, and corporate cash management for business clients, endowments and foundations.
Managing partner and CCO Geoffrey Schock and senior partner and CSO Matt Myers lead the firm and have joined CAPTRUST, along with 13 additional colleagues.
“The Pacific Northwest is a region we have wanted to expand in for a long time,” said Rush Benton, CAPTRUST’s senior director of strategic growth. “Adding the folks at Trutina is the perfect way to initiate our presence in this market.”
This is the 9th deal of 2023 and the 72nd since 2006 for CAPTRSUT. The firm made two acquisitions in November: NC-based The Normann Financial Group, which oversees more than $1.3 billion in assets, and Indiana-based Column Capital Advisors, which manages more than $1.4 billion in assets.
CAPTRUST oversees more than $832 billion in assets, including just over $688 billion in nondiscretionary assets under advisement and just over $143 billion in discretionary managed account assets as of June 30.
Consistent with other transactions, Trutina will take on the CAPTRUST brand.