CAPTRUST Financial Advisors today announced the addition of Montgomery, Ala.-based investment advisory firm Welch Hornsby with $5.5 billion in assets under advisement, of which $1.75 billion are discretionary assets under management, according to a company release.

Welch Hornsby will take on the CAPTRUST name and branding, the release said.

Since 2006, Raleigh, N.C.-based CAPTRUST has added 40 firms across the country to build out the RIA's wealth management and institutional practices. With the addition of Welch Hornsby, CAPTRUST now oversees an estimated $370 billion in assets with its more than 675 employees.

Last week, CAPTRUST named Ben Goldstein to the position of president. Goldstein, who joined the firm in 2010, most recently served as chief operating officer and head of business operations. Goldstein's leadership was key in growing the firm to more than 650 employees nationwide and $368 billion in AUA, co-founder and CEO J. Fielding Miller said at the time of the appointment.

Founded more than 30 years ago, Welch Hornsby is led by co-founder, chairman and CEO Edward V. Welch, Jr., who will be joining CAPTRUST, along with 14 financial advisors and research professionals as well as 12 operational staff.

The firm offers investment advisory services focused on the needs of high-net-worth individuals and families, endowments, foundations, corporate and municipal retirement plans, and other institutional clients. It has clients in more than 15 states.

With offices in Montgomery and Birmingham, the addition of Welch Hornsby strengthens CAPTRUST's position in the state of Alabama, where it already has an office serving 34 retirement plan sponsors representing $4.3 billion of client assets, as of year-end 2019. The firm also has offices in Charlotte, N.C.

“Our cultural alignment, mutual dedication to our clients, and respective local communities—along with our ability to tap into a network of robust resources at CAPTRUST—lays a foundation for the firm's growth for the next generation of clients and employees,” Welch said in a prepared statement.