CAPTRUST Financial Advisors, an employee-owned, independent registered investment advidsor headquartered in Raleigh, N.C., has acquired Wilmington, N.C.-based Fountain Financial Associates, which manages $654 million in client assets, according to a news release.

Details of the acquisition were not available.

Fountain Financial President Vinton E. Fountain III, who established the practice in 1998, will be joining CAPTRUST as an employee, along with his firm’s other advisors: Buck Beam, Brice Gibson, Chris Riley and Bob Warwick.

Fountain Financial will rebrand as CAPTRUST, and the acquisition will expand CAPTRUST’s presence in its home state that includes offices in Greensboro and Charlotte. 

In a news release, Fountain cited the two firms’ shared home state location as one of the reasons he decided to merge his company with CAPTRUST.

“The CAPTRUST brand is one that not only has a strong bedrock in our home state of North Carolina, but throughout the entire country,” Fountain said. “When we evaluated options for our clients, employees and the Wilmington office, we were pleased to see the answer was right in our own backyard."

Founded in 1997, CAPTRUST has more than 650 employees nationwide and $368 billion in client assets under advisement.