CAPTRUST Financial Advisors continues to beef up its wealth management business with the purchase of the Private Advisory Group from Boston Advisors, according to a news release.

The transaction, which was effective on Oct.1, adds 15 people and more than $1.5 billion of wealth management client assets under management to CAPTRUST.

The Private Advisory Group team, led by president and chief investment officer Michael J. Vogelzang, will bear CAPTRUST's brand as part of this merger, the release said. Vogelzang, who has managed Boston Advisors since 1997 and led the firm's management buyout in 2006, will assume a senior leadership position in CAPTRUST's consulting research group after the transition, the release noted.

CAPTRUST CEO J. Fielding Miller said the firm is constantly on the lookout for like-minded individuals who share the firm's values and goals for growth. “Mike and the rest of the Boston Advisors' Private Advisory Group are top-notch talents who will fit right in and contribute immediately,” he said.

Raleigh, N.C.-based CAPTRUST was founded in 1997 and has grown from a single office in Raleigh to a national registered investment advisor with more than 600 employees. It has 234 advisors across 48 locations and oversees more than $340 billion of assets, including nearly $17 billion of wealth management assets.

Last year, the firm grew 20% in part because it acquired five firms—Catawba Capital Management, Morton Wealth Management, FCE Group, Watermark Asset Management and Rogers Financial—bringing CAPTRUST a combined total of $5.7 billion in assets under administration (AUA). 

In June, the firm expanded its presence in Pennsylvania and Northeast Ohio with the acquisitions of McQueen, Ball & Associates of Bethlehem and Cornerstone Capital Advisors of Ohio, for a combined total of more than $2 billion of client assets.

Additionally, in August, CAPTRUST acquired South Texas Money Management LTD (STMM), a San Antonio wealth management firm with $3.7 billion in client assets.