Mon. Dec 4th, 2023

CAPTRUST Financial Advisors, Raleigh, N.C., said Tuesday that it acquired Cammack Retirement Group, which is based in New York and Wellesley, Mass.

Terms of the deal, which closed Jan. 29, weren’t disclosed.

“Cammack Retirement Group and CAPTRUST are two of the largest firms in the institutional retirement space, with Cammack Retirement serving over 170 plan sponsors, which represents nearly 1.3 million participants,” said Rick Shoff, CAPTRUST managing director, adviser group, in a news release.

Cammack Retirement Group has $154 billion in assets under advisement, the news release said. CAPTRUST had more than $60 billion in assets under management and $448 billion in assets under advisement as of Dec. 31, according to the news release.

“Becoming a part of CAPTRUST will help us to achieve two of our long-term goals: to expand our geographical footprint, and add new lines of business and services for our existing clients,” Jeffrey A. Levy, managing partner of Cammack, said in the news release.

Mr. Levy is one of the 38 Cammack employees — the full staff — who will join CAPTRUST. He will be a principal at CAPTRUST, as will four other Cammack executives: Michael Volo, senior partner; Earle Allen, partner; Michael Sanders, principal; and Emily Wrightson, vice president.

Cammack Retirement Group is CAPTRUST’s 47th acquisition since 2006, the news release noted.

“Cammack Retirement will be transitioning the CAPTRUST brand over the coming months,” a CAPTRUST spokeswoman wrote in an email.

“Cammack Retirement was looking for a long term partner to expand their geographic footprint on a national scale and felt that CAPTRUST was the right fit based on the firm’s full suite of services and their similar dedication client service and fiduciary responsibilities,” the spokeswoman added.

By senior