CAPTRUST Financial Acquires $2.3B RIA Trustcore Financial in Tennessee

CAPTRUST Financial Advisors has acquired TrustCore Financial Services, a Nashville, TN-based registered investment advisor (RIA) with nearly $2.3bn in assets.

Financial terms of the deal, which closed in late 2022, were not disclosed.

The Trustcore deal marks the 63rd acquisition for the Raleigh, NC-based CAPTRUST since 2006 and its second office in Nashville following the addition of New Market Wealth Management in 2021.

TrustCore, which manages nearly $2.3bn in assets, primarily works with local clients. CAPTRUST said roughly 75% of RIA’s clients lived in the middle Tennessee area. Prior to its sale, TrustCore had primarily been owned by some of its advisors and executives.

The current transaction follows the firm’s acquisition earlier in the fall of 2022 of RIA firm Patriot Pension Advisors, which added more than $900mn in assets under advisement.

CAPTRUST runs a $750bn client book through its wealth management and 401(k) plan divisions and has roughly $100bn in assets under management.