Captrust continues to deepen its hold in the institutional retirement services market.
Captrust announced Tuesday that it acquired Cammack Retirement Group, a 50-year-old company with $154 billion in assets under administration, bringing Captrust's total retirement plan assets under administration to over $600 billion. The deal brings in Cammack’s headquarters in New York City and Wellesley, Mass., along with an office in Lexington, Ky. Thirty-eight employees joined Captrust, including Cammack’s executives Jeff Levy, Mike Volo, Emily Wrightson, Mike Sanders and Earle Allen.
Cammack serves 170 plan sponsors, representing 1.3 million participants, according to the company.
“Bringing together our resources and deep expertise makes our offering unmatched in the industry,” said Rick Shoff, Captrust managing director of advisor group, in a statement.
Cammack is the Raleigh-based firm’s 46th acquisition since 2006. Eight of those have been carveouts of retirement businesses from RIAs.
Captrust has furthered its acquisition strategy backed by private equity firm GTCR. The PE investor took a 25% minority stake in the firm in June. The deal valued Captrust at $1.25 billion.
“The institutional retirement industry is one with outstanding scale benefits. Captrust's leadership team has firmly solidified their reputation as an adept acquirer,” said Brian Lauzon, managing director of InCap Group, an M&A consulting firm and investment bank based in New York City.
“The retirement planning side of wealth management continues to heat up as more buyers seek scale to reduce operating costs and achieve higher valuation multiples and growth. For advisors, these mean more choices of firms to partner with, better valuations and different options in terms of how the sellers stay involved with the business,” said Dan Sievert, CEO and managing partner of Echelon Partners in Manhattan Beach, Calif.
Shoff and Rush Benton, senior director of strategic growth at Captrust, told WealthManagement.com in October that the firm has been on an acquisition spree to bridge its retirement advisory space with its desire to be a top wealth manager. By the close of 2020, Captrust built its AUM up to $60 billion and in the first quarter of 2021, the firm has acquired two wealth management businesses, including MRA Associates and Genovese Burford & Brothers.
Take a look at our comprehensive guide to the best and most popular information ebooks and products available today on Detoxing, Colon Cleansing, Weight Loss and Dating and Romance. They are all in one spot, easy to find and compere to make a quick selection for the product that best fits your needs or wants.
So browse through a category and make your preferred selection and come back here to read more choice articles and get a few more helpful tips on ways to help your enhancement.
As an Amazon Associate I earn from qualifying purchases. “saubiosaubiosuccess.com is a participant in third party affiliate and advertising programs; The Amazon Services LLC Associates Program, Awin network, and other affiliate advertising programs are designed to provide a means for sites to earn advertising fees and commissions by advertising and linking to products on other sites and on Amazon.com. Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.”
We use anonymous cookies and various 3rd-party services to optimise and to offer you a better, more personalised, browsing experience with advanced accessibility enhancements.
Dismiss
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
