Captrust Adds $2.4B Kansas City-based 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 Meritage Portfolio Management, a Kansas City-based wealth manager with $2.4 billion in client assets.
The deal expands Captrust’s presence in Kansas City to two offices and 54 employees. Meritage, which will adopt the Captrust brand, will bring in 17 colleagues in total, nine of whom are advisors.
Meritage was founded in 1991 by President and Co-Chief Investment Officer Mark Eveans and Principal Jim Klein. The firm specializes in wealth management for high-net-worth individuals, retirement plans and endowment and foundation investment management.
“This strategic step gives our team access to a broader network of resources and support that will help us create new opportunities for both our clients and colleagues,” Eveans said in a statement.
Eveans owned between 50% and 75% of the firm, according to the most recent Form ADV. Klein owned between 25% and 50%, with five other senior leaders and an investor owning the rest.
Captrust oversees more than $237 billion in discretionary assets and over $846 billion in nondiscretionary assets, according to its most recent Form ADV. The RIA has more than 1,800 employees across over 90 locations.
Nick Blasi, principal and Midwest regional leader at Captrust, said in a statement on the Meritage deal, “Kansas City has become a key growth market for Captrust, and Meritage’s reputation for thoughtful, trusted client relationships adds tremendous value as we continue to expand.”
In 2022, Captrust acquired Kansas City-based Frontier Wealth Management, which also had offices in Wichita, St. Louis, Omaha, Neb., and Denver, marking at the time a significant expansion for the firm into the Midwest.
Houlihan Lokey was Meritage’s financial advisor in the move.