Rick Shoff, managing director of CAPTRUST’s Advisor Group, said in a statement, “We’ve admired PEI for years, and they’ve been a formidable competitor. We are excited for this next chapter and believe coming together as two powerhouses in the independent advisory industry will only serve to make us all stronger.”
PEI is the 54th firm to join CAPTRUST since 2006 and the ninth announced for 2021. It also is the third institutional-focused firm that the Raleigh, N.C.-based CAPTRUST added in the past year. In February, it announced the addition of Cammack Retirement Group of Lexington, Ky., with $154 billion assets under administration (AUA), and in August, Chicago-based Ellwood Associates with $85 billion in AUA joined the firm.
With more than 1,000 employees across 60 locations nationwide, CAPTRUST oversees more than $85 billion in assets under management and more than $660 billion in assets under advisement, as of September.