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Laxman Pai, Opalesque Asia: Nearly two months after making its 50th acquisition, the investment management company Captrust Financial Advisors has agreed to acquire Chicago-based Ellwood Associates with a 55-person team in Chicago that oversees about $85 billion in assets for 200 clients.
Ellwood Associates serves endowments and foundations, retirement plans, hospitals, family offices, and high-net-worth individuals. Captrust manages more than $60 billion in assets and advises on more than $600 billion.
The terms of the deal were not disclosed.
"When looking for the next step for Ellwood, we knew we wanted to be a part of a majority employee-owned firm to continue our own legacy of employee ownership," said Timothy Egan, who will join Captrust as a principal.
In addition to a sizeable endowment and foundation practice, Ellwood will also bring added alternative investment expertise to the Captrust investment team.
Rick Shoff, Captrust managing director, advisor group said: "As with all of the firms that join us, we believe they will make us better from day one and provide access to new offerings that our entire firm will benefit from."
The addition of the Ellwood team will also give Captrust its first location in Chicago, as well as a bolstered presence in Denver. The firm added its first Denver location in 2020 when Shine Wealth Partners joined Captrust.
The transaction is expected to close in the fourth quarter of 2021. Ellwood will represent the 51st...................... To view our full article Click here
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