CAPTRUST Buys $710M RIA, Extends Texas Footprint
CAPTRUST Financial Advisors is keeping the pedal to the medal when it comes to the acquisition of wealth managers. The independent registered investment advisor purchased Fort Worth-TX-based Omega Wealth Partners, which oversees more than $710 million in assets for high-net-worth individuals and families.
Financial terms of the deal, which closed in early April, were not disclosed.
The Omega deal marks the fourth acquisition this year, including its second in Texas and its first in Fort Worth. As with other deals, Omega will take on the CAPTRUST brand.
“The wide array of resources we gain by joining CAPTRUST will give us an edge as we continue to provide a top-notch client experience,” said Tom Hardgrove, Omega’s co-owner and managing partner. “We knew right away that becoming a part of CAPTRUST was a good decision—at our core, we both prioritize the relationship with each client.”
Hardgrove, alongside co-owners John Dickens and Tammy Bryant, will join CAPTRUST with six additional colleagues.
For more than a decade, CAPTRUST has sought to expand throughout the state. Recent additions of Texas-based firms include $5.8 billion RIA Monroe Vos Consulting; $2.6 billion RIA Covenant; and $3.7 billion RIA South Texas Money Management. CAPTRUST now has a presence in seven Texas cities, totaling 120 employees.
Raleigh, NC-based CAPTRUST oversees more than $714 billion in assets, including just over $598 billion in nondiscretionary assets under advisement and nearly $116 billion in discretionary managed account assets.
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