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Caprock Acquires Grey Street With $2.2 Billion in Assets

Caprock Acquires Grey Street With $2.2 Billion in Assets. Caprock, Grey Street Capital, financial services, registered independent adviser, RIA

Registered investment adviser Caprock acquired Grey Street Capital, a Chicago-based boutique advisory firm with $2.2 billion in client assets.

The deal marks Caprock’s first acquisition, reflecting the multifamily firm’s desire to drive strategic growth and enhance the bespoke services it provides its ultra-high-net-worth clients. The combination brings Caprock’s assets under advisement to more than $11 billion.

“Caprock and Grey Street fit very well with each other as both firms are focused on providing sophisticated solutions to a select number of ultra-affluent families,” said Gregory Brown, Caprock co-chief executive officer. “We both have very talented teams with similar business models, expertise, and investment philosophies.”

“This acquisition sets a high bar for finding future partners and demonstrates our commitment to growing organically while maintaining the integrity of the services we provide. We look forward to quickly integrating the Grey Street team into Caprock and growing together in the future,” added Brown.

Grey Street will now operate under the Caprock brand. Beyond Chicago, it also has advisers located in Scottsdale, Ariz.; Winter Park, Fla.; and Morris County, N.J. The two firms have a presence in complementary markets, creating opportunities to scale their collective geographic footprint.

“Joining the Caprock team means our advisers and clients will now have access to an even greater toolset,” said Jay Page, Grey Street co-founder and CEO. “Just as important, our firms have shared values and a similar, client-first approach to wealth management, a contrast with others who tend to limit themselves to model portfolios filled with liquid assets.”

Founded in 2005, Caprock acts as a full-service outsourced chief investment officer and chief financial officer for 300 wealthy families with a total of more than $9 billion in assets under advisement. The firm is a privately held, multifamily office with locations in Austin, Texas; Boise, Idaho; New York; Newport Beach, Calif.; Park City, Utah; San Jose, Calif.; and Seattle.

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