CAPTRUST Financial Advisors announced that it has acquired Aevitas Wealth Management, a Wellesley Hills, Mass.-based firm with $567 million in assets.
Financial terms of the deal were not disclosed. Aevitas will take on CAPTRUST branding.
Led by President and Chief Investment Officer Michael Schreiber, Aevitas provides financial planning and advisory services to individuals, families and small businesses, in addition to advice and investment services for endowments, foundations and retirement plans, the release noted.
“The way CAPTRUST acts as a fiduciary to its clients was an immediate draw for us. High client contact and care is a priority for our team at Aevitas, and we saw the same priority in CAPTRUST,” Schreiber said in a statement. “By joining forces with CAPTRUST, we can create more customized and high-quality financial and investment planning for our clients."
Aevitas adds to two existing CAPTRUST offices in Massachusetts. Over the past few years, the Raleigh, N.C.-based firm CAPTRUST has added Boston-based RINET, Cammack Retirement Group, a New York and Wellesley, Mass.-based firm, and Boston Advisors.
"Our presence in the Northeast continues to grow, especially in the greater Boston area. The addition of Aevitas makes us even more competitive in that market,” said Rush Benton, CAPTRUST’s senior director of strategic growth. “Michael and the Aevitas team focus on building relationships to create their success—a key value of CAPTRUST, making them a great fit to join the firm."
The deal is CAPTRUST’s third of 2023 and 66th since 2006. The firm has more than 1,300 employees across 75 locations nationwide and oversaw more than $714 billion in assets as of December 31.