CAPTRUST Financial continued its buying spree with the acquisition of Genovese Burford & Brothers Wealth & Retirement Plan Management, LLC (GBB), a $3.13 billion Sacramento, Calif.-based firm with 36 members, including 17 financial advisors, according to an announcement today.
Founded in 1987 by Mike Genovese and Lon Burford, GBB has nearly 1,500 clients and provides conflict-free financial advice to individuals and retirement plans, a news release said. In addition to Genovese and Burford, the firm is led by CEO Alex Brown and partner Kelly Brothers.
GBB, which will take on the CAPTRUST brand, is the second Northern California location for CAPTRUST, which has an office in San Ramon.
Genovese said GBB was founded on the premise that a collaborative team continuously building their knowledge could better serve clients’ interests than any one individual. “Joining CAPTRUST is the continuation of this vision as we plug into a network of more than 800 new colleagues and a wealth of centralized resources. The scale that CAPTRUST has achieved, which allows us to leverage everything from technology and trading to compliance and marketing, is truly unmatched in the industry,” he said in a statement.
Rush Benton, CAPTRUST senior director, strategic growth, said GBB’s hybrid model of providing wealth and institutional services is only a part of what makes them a great fit for CAPTRUST. “The firm shares our growth mindset, and we are confident the GBB team will flourish as a part of CAPTRUST,” he said.
Founded in 1997, the Raleigh, N.C.-based CAPTRUST has added 46 firms since 2006. It has more than 800 employees nationwide and services more than $50 billion in assets under management and $409 billion in client assets under advisement as of September. It has clients in 49 locations nationwide and provides investment advisory, asset management and planning services to thousands of affluent private clients and institutional investors such as retirement plan fiduciaries, endowments, foundations and religious entities.