CAPTRUST Financial Advisors today announced that it has acquired San Antonio, Texas-based wealth management firm Covenant Multifamily Offices (Covenant), with more than $2.6 billion in assets across more than 500 clients.

Covenant is the 52nd firm to join the Raleigh, N.C.- based independent registered advisor and the second in San Antonio since 2006, a company news release said. The transaction closed in mid-September and Covenant will transition to the CAPTRUST name and branding.

Covenant, which also has offices in Dallas and Boerne, Texas, as well as Oklahoma City, is led by founder and managing director John Eadie, along with Barry Beal, Justin Pawl, and Karl Eggerss. The team, joined by 44 additional team members, offers a comprehensive suite of high value service, including family office services, wealth transfer planning and tax preparation, in addition to its core wealth management offering, the release said.

“While we had previously been on the other side of the table, adding four firms since 2012, we knew that joining CAPTRUST was the right next step for Covenant when we saw the alignment of our two cultures, which both focus on serving our clients, colleagues, and communities,” Eadie said in a statement. “We’re excited to bring the advantages of CAPTRUST’s resources to our clients, which will enhance our high-touch, boutique client service model.”

Rush Benton, senior director, strategic growth for CAPTRUST, said the firm has seen tremendous growth in Texas over the past two years, particularly in the wealth management space. CAPTRUST has nearly 100 employees in the state across nine offices, he said. “The addition of the Covenant team brings expanded resources for our growing high-net-worth and family office as well as an expanded footprint in the state of Texas,” he said.

In August 2019, wealth manager South Texas Money Management became CAPTRUST’s first location in San Antonio.

CAPTRUST also announced that it closed the deal to acquire Chicago-based Ellwood Associates, which added $90 billion in assets. With the addition of the Ellwood and Covenant teams, CAPTRUST now has more than 1,000 employees nationwide, the release noted.

“Reaching the 1,000-employee mark is a huge milestone for CAPTRUST, and one that was only accomplished by everyone working together and pushing in the same direction to meet our goals,” said J. Fielding Miller, co-founder and CEO at CAPTRUST.

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 $70 billion in AUM and more than $630 billion in assets under advisement as of June 30.