Captrust Buys Texas-Based RIA with $2.6 Billion in Client Assets
Captrust Financial Advisors, an independent registered investment advisor, has purchased Covenant Multifamily Offices, a Texas-based wealth management firm with more than $2.6 billion in client assets.
Captrust Financial Advisors, an independent registered investment advisor, has purchased Covenant Multifamily Offices, a Texas-based wealth management firm with more than $2.6 billion in assets across more than 500 clients.
Founded in 2010, Covenant provides family office services, wealth transfer planning, and tax preparation, in addition to its core wealth management offering, and has offices in San Antonio, Dallas, and Boerne, Texas, as well as Oklahoma City, Oklahoma. The firm is led by founder and managing director John Eadie, along with Barry Beal, Justin Pawl, and Karl Eggerss. Forty-four additional team members will also join Captrust.
“Over the past two years, we have seen tremendous growth in our Texas presence, particularly in the wealth management space. We now have nearly 100 employees in the state across nine offices,” said Rush Benton, senior director, strategic growth for Captrust.
Captrust also announced the closing of the transaction to buy Chicago-based Ellwood Associates, which adds an additional $90 billion in assets. With the addition of the Ellwood and Covenant teams, Captrust now has more than 1,000 employees nationwide.
Founded in 1997 in Raleigh, North Carolina, Captrust is an independent registered investment advisor. The firm provides investment management, financial planning, estate planning, and tax advisory and compliance for individuals and families. For retirement plan sponsors, endowments, foundations, and religious entities, the firm offers investment advisory services, fiduciary support, plan design, provider analysis/fee benchmarking, and employee advice programs.
Captrust oversees more than $70 billion in assets under management and more than $630 billion in assets under advisement, as of June 30, 2021.
