CAPTRUST Continues Expansion in Greater Minneapolis Area with $770M RIA Acquisition
Wealth manager CAPTRUST Financial Advisors has acquired QA Wealth Management, a division of Quantitative Advantage, LLC (QA) and an accountant-focused registered investment advisor with more than $770 million in assets based in Minnetonka, MN. Financial terms of the deal were not made available.
The deal is CAPTRUST’s second of the year and 65th since 2006 and adds to the firm’s existing offices in Minneapolis and Wayzata.
Founded by John Wing in 2000 and now led by CEO Dan Westin, QA works with Big Four professionals, providing them with extensive financial and retirement planning.
“We are thrilled to tap into the niche market of the Big Four partners that QA supports and to be building on our already significant presence in the Minneapolis region,” said Rush Benton, CAPTRUST’s senior director of strategic growth. “The QA team has specific and valuable knowledge of this industry and bringing them on to CAPTRUST only enhances our wealth offering.”
Raleigh, NC-based CAPTRUST oversees more than $714 billion in assets, including just over $598 billion in nondiscretionary assets under advisement and just under $116 billion in discretionary managed account assets as of the end of last year.
The wealth manager’s last deal was the acquisition of Monroe Vos Consulting, a Houston-based registered investment advisor with $5.8 billion in assets, in January.
