CAPTRUST Acquires $5B Boston Financial Management
CAPTRUST Financial Advisors has acquired Boston Financial Management, a registered investment advisor managing nearly $5 billion in client assets. The deal adds three new locations across the New England area. Financial terms of the deal were not disclosed.
Led by president and CEO Louis Crosier, BFM, founded in 1976, adds 45 new colleagues across its Boston, Cape Cod, MA, and Portland, ME locations to CAPTRUST. As part of the transaction, BFM founder and chairman of the board Richard H. Morse will retire.
“Boston Financial Management is one of the largest firms that have joined us,” said Wilson Hoyle, managing director at CAPTRUST. “Their commitment to providing personalized and comprehensive financial solutions aligns perfectly with our values and mission.”
BFM is the sixth Massachusetts firm that CAPTRUST has added over the last five years, including Boston Advisors, Cammack Retirement Group, and RINET. The firm now has over 100 employees across five locations in Massachusetts, making it the third largest state for CAPTRUST, behind North Carolina and Texas.
Berkshire Global Advisors served as BFM’s financial advisor in the transaction.