M&A Update: Wealth Management in Focus

A week after revealing its late 2021 acquisition of Portfolio Evaluations Inc. (PEI), CAPTRUST Financial Advisors has announced two additional deals it inked at the end of the year, marking its first locations in New Orleans and Nashville, Tennessee.

The two firms are Crescent Capital Consulting and New Market Wealth Management. The firms’ business models underscore CAPTRUST’s interest in expanding its wealth management capabilities.

Based in New Orleans, Crescent provides investment management services to institutions as well as high-net-worth and ultra-high-net-worth families. Crescent also has several endowment and foundation clients and offers institutional investment management consulting. The firm is led by President Andrew Wisdom, Executive Vice President Bryan Fitzpatrick and Executive Vice President of Operations Luis Zervigon.

With the Crescent acquisition, the trio will join CAPTRUST, along with 16 other colleagues who collectively oversee $1.5 billion in client assets. Crescent also brings to CAPTRUST estate planning, tax compliance and advisory services, as well as family governance and trust management capabilities.  

New Market is a wealth management firm led by Principal Daryl Deke. It brings to CAPTRUST the company’s first brick-and-mortar location in Nashville. Deke recently relocated his firm from Irvine, California, to build out this new location for CAPTRUST. He adds $275 million in client assets to the firm.

“We have developed businesses in many markets around the country and the growth that is occurring in Nashville makes for a unique opportunity,” Deke says.

“While we have long had clients in Nashville and New Orleans, adding physical locations in these top strategic markets has been a priority for CAPTRUST,” notes Rush Benton, senior director of strategic growth for CAPTRUST.

New Market is the 55th firm and Crescent is the 56th firm to join CAPTRUST since 2006. Consistent with previous firms that have joined CAPTRUST, both firms will take on the CAPTRUST brand moving forward.