CAPTRUST Financial Advisors today announced that it has acquired Reynolds Investment Management (RIM), a Greenville, S.C.-based firm with $600 million in assets under management.
This is the second Greenville firm to join CAPTRUST. Nachman Norwood & Parrott (NNP), one of South Carolina’s largest registered investment advisors with $2.1 billion in assets under management, joined in July 2021.
The deal with RIM closed at the beginning of July and, as with other transactions, will take on the CAPTRUST brand and work alongside the team in Greenville, the release said, noting that RIM and NNP have a close relationship.
Established in 1989, RIM is led by Tom Reynolds. His team of eight will be joining CAPTRUST, the release said. The firm provides wealth management services to individuals and families, business owners, medical professionals, and retirees. It also offers investment advisory services to retirement plan sponsors, endowments, and foundations, the release said.
“As we continued to grow, we didn’t want to recreate the wheel,” Reynolds said in a statement. “We got to know the folks at CAPTRUST and saw the robust systems in place, from technology and compliance to HR and marketing. We believe that joining CAPTRUST will relieve us of many administrative functions to allow us to spend more time with our clients."
Rush Benton, CAPTRUST’s senior director of strategic growth, said the RIM team “aligns with CAPTRUST in many ways, and we look forward to growing our footprint in South Carolina.”
RIM is the 58th deal for the Raleigh, N.C.-based CAPTRUST since 2006. It also is the second transaction that the firm has closed so far this year. Last month, the firm announced that it closed a deal with Frontier Wealth Management, a Kansas City, Mo.-based firm with $4 billion AUM. CAPTRUST completed 11 acquisitions last year.
Founded in 1997, CAPTRUST has more than 1,100 employees across 70 locations nationwide. The firm oversees more than $100 billion in AUM and more than $750 billion in assets under advisement as of March 31.