CAPTRUST Financial Advisors, an independent, employee-owned wealth management and institutional investment advisory firm in Raleigh, N.C., is acquiring South Texas Money Management LTD (STMM), a San Antonio wealth management firm with $3.7 billion in client assets, according to a news release.

CAPTRUST has existing Texas practices in Austin, Houston and Dallas. The STMM acquisition brings CAPTRUST’s total assets under management (AUM) nationwide to more than $340 billion.

The agreement is the result of a succession plan approved by the late chairman and founder of STMM, Jeanie Wyatt, who served as chairman until her passing in April 2019. 

Wyatt founded STMM in 2000. The firm provides financial advisory services across a variety of asset classes, including equity, fixed income, balanced asset classes for individuals, trusts, retirement plans, charitable foundations and endowments, bank trust departments and other institutions. 

The firm has more than 60 employees in offices located throughout Texas: San Antonio, Austin, Corpus Christi, Dallas, Houston and Brenham/College Station.

Once the deal closes, CAPTRUST will acquire STMM’s assets. STMM will take on the CAPTRUST brand, with all STMM employees becoming CAPTRUST employees and all STMM offices staying open.

Lance Lahourcade, managing director and STMM partner, said that the firm’s partnership with CAPTRUST was key to continuing the legacy of its founder.

“As an employee-owned and community focused firm with a sizeable wealth management practice and the highest ethical standards, CAPTRUST’s culture matches ours,” he said. “Partnering with CAPTRUST allows the STMM investment strategy to carry forward under our local leadership with no disruption (in) services (to) our clients.”

Under the succession agreement between the two firms, STMM will have access to CAPTRUST’s deep bench of resources, services and technology, which will enhance the client experience. 

The transaction is expected to close in early September.

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