Captrust Acquires $3.1B New York RIA
Captrust Financial Advisors, a Raleigh, N.C.-based registered investment advisor with more than $1 trillion in assets under advisement and management, has acquired Cobblestone Capital Advisors in Rochester, N.Y., adding an additional $3.8 billion in client assets.
Cobblestone will bring 42 colleagues, including 15 advisors, led by CEO John DiPasquale, Chief Investment Officer Jason Garlock and Managing Director of Business Development Chris Mooney.
Cobblestone was founded in 1986, with DiPasquale joining in 1999, when he left a role as a financial advisor with what was then Salomon Smith Barney. The firm offers investment and wealth management, including private investments and family office services. It will take on the Captrust brand in the transition, as all Captrust acquisitions do.
“From our first conversations, it was clear that both firms shared a deep commitment to our clients, colleagues and communities,” DiPasquale said in a statement. “Joining Captrust not only strengthens everything we’ve built for our clients but also expands what’s possible for our future.”
The acquisition marks Captrust’s third office in New York, adding to its New York City and Lake Success locations, and building its employee count to 87 in the state.
Captrust oversees more than $847 billion in nondiscretionary assets and over $237 billion in discretionary assets, according to its most recent Form ADV.
The firm has the most retirement plan assets under administration among RIAs, according to data and insights provider AdvizorPro. SageView Advisory Group, which Creative Planning is in the process of acquiring, has the second most such assets. Once that deal closes, it will boost the combined entity’s total retirement assets to almost $300 billion, according to AdvizorPro.
In March of this year, Captrust acquired Carolinas Investment Consulting, an investment consulting and financial planning firm with more than $1.4 billion in assets and 20 employees.
Cobblestone was advised on its transaction by Houlihan Lokey.