Captrust Financial Advisors to Acquire Plan Advisory Services
RALEIGH, NC, September 28, 2006 -- CAPTRUST Financial Advisors, an investment research and advisory firm, today announced they have entered into a letter of intent to acquire substantially all of the assets of Plan Advisory Services, Inc. based in Philadelphia, PA.
Plan Advisory Services, Inc. provides independent investment consulting and research services to approximately 70 institutional clients with over $1.7 billion of assets. Services include investment policy design, investment manager and mutual fund performance evaluation, asset allocation analysis, plan consulting, vendor analysis, private wealth management, and participant advice.
As a result of the acquisition, CAPTRUST broadens its presence in the Pennsylvania, New Jersey, New York, and Connecticut markets. CAPTRUST will now have 30 advisors representing over 500 clients with assets under advisement in excess of $15 billion. This transaction enables CAPTRUST to strengthen its presence in the Northeast and expand its ability to serve clients and advisors that require independent and objective advice.
As part of the transaction, a majority of the Plan Advisory Services, Inc. staff will join CAPTRUST, including Principal Rick Shoff, who joins the company with over 20 years of experience as an advisor serving corporate retirement clients.
"The most important thing about joining CAPTRUST is what this means for our clients and advisors," Shoff said. "Our decision to join CAPTRUST fortifies our ability to create unique and meaningful experiences for clients and advisors. It is a natural evolution of how we work with clients. How and what clients' value in us is always changing. CAPTRUST's innovative approach and service offerings will allow our clients and advisors to take what they love about Plan Advisory Services and use it in new and more meaningful ways."
"We at CAPTRUST couldn't be more excited about Plan Advisory Services and their clients becoming part of our firm," said CAPTRUST CEO, Fielding Miller. "The addition of Rick Shoff and his team certainly advances us towards our vision to be the most valued retirement advisors for middle-market companies and their executives."
About CAPTRUST
CAPTRUST Financial Advisors is an independent research and advisory firm focused on providing strategic advisory services to retirement plan fiduciaries and institutional and high net worth investors. Founded more than 17 years ago, CAPTRUST is headquartered in Raleigh, N.C. and has offices in Atlanta, GA, Charlotte, NC, Richmond, VA, and Washington DC.
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