CAPTRUST Financial Advisors has acquired Ellwood Associates of Chicago, a deal that will add about 200 clients and $85 billion in assets to the registered investment advisor, according to a news release.

The transaction is expected to close in the fourth quarter of 2021, at which time Ellwood will transition to the CAPTRUST name and brand, the release said.

Ellwood, which serves endowments and foundations, retirement plans, hospitals, family offices, and high-net-worth individuals, will bring along 55 employees, including a seasoned team of consultants, the release said.

Timothy Egan, who will join CAPTRUST as a principal, said when looking for the next step for Ellwood it was important to be a majority employee-owned firm to continue their own legacy of employee ownership. Ellwood is 100% employee owned.

“Our ability to remain objective and put our clients’ needs first has been a guiding force for our firm since 1977. We know that CAPTRUST shares these same core tenets, and we believe our clients will benefit greatly from the new resources they will have access to as part of CAPTRUST,” said Daniel George, who also will join CAPTRUST as a principal.

Rick Shoff, CAPTRUST managing director, advisor group, said they have long admired Ellwood for its dedication to its clients. “As with all of the firms that join us, we believe they will make us better from day one and provide access to new offerings that our entire firm will benefit from,” he said.

Ellwood represents the 51st firm to join CAPTRUST since 2006. In addition to being Chicago’s first team, the release said Ellwood also will bolster CAPTRUST’s presence in Denver, noting that the firm added its first Denver location, Shine Wealth Partners, in 2020. 

Founded in 1997 in Raleigh, N.C., CAPTRUST is an independent registered investment that provides investment management, financial planning, estate planning, and tax advisory and compliance for individuals and families. The firm oversees more than $60 billion in AUM and more than $600 billion in assets under advisement. It has nearly 900 employees across more than 50 locations nationwide.