CAPTRUST Financial Advisors today announced that it has acquired Patriot Pension Advisor (PPA), a Foxborough, Mass.-based firm that oversees more than $900 million in client assets.
Founded in 2002 and led by Ted Burke, PPA supports sponsors of retirement plans, including 401(k), 403(b), and defined benefit plans, the release noted.
“When you get right down to it we are retirement plan specialists. And that’s why we decided to grow with CAPTRUST," Burke said in a statement. “If this is what you do—and you are looking for true retirement plan support—this is the best place to be."
Burke, who will join CAPTRUST along with his colleague Michelle Marchionni, said his firm needed more tools and resources for their plan sponsors and plan participants. “We are looking forward to enhanced fiduciary and investment training, plus greater access to marketing content to educate our clients,” he said.
PPA expands CAPTRUST’s presence in Massachusetts. Last year, the Raleigh, N.C.-based CAPTRUST picked up Boston-based RINET and Cammack Retirement Group, a New York and Wellesley, Mass.-based firm. And in 2019, Boston Advisors joined the firm.
“We are excited to build out our institutional business in the Northeast with the addition of PPA,” said Rick Shoff, managing director of CAPTRUST’s Advisor Group. “Ted and Michelle bring decades of experience in this industry, and we look forward to helping their clients enhance their retirement planning experience.”
This is the 59th deal for CAPTRUST since 2006 and the third of 2022. Consistent with other transactions, PPA will take on the CAPTRUST brand, the release noted.