CAPTRUST Financial Advisors has acquired Welch Hornsby, a Montgomery, Ala.-based RIA with $1.75 billion in AUM.
Welch Hornsby was founded more than 30 years ago and is led by co-founder, Chairman and CEO Edward V. Welch Jr. He will be joining CAPTRUST, along with 14 financial advisors and research professionals and 12 operational staff.
With offices in Montgomery and Birmingham, Ala. and Charlotte, N.C., the Welch Hornsby addition strengthens CAPTRUST'S position in the state of Alabama, where it already has an office serving 34 retirement plan sponsors representing $4.3 billion of client assets (as of year-end 2019).
“We believe that CAPTRUST is the ideal partner for us,” Welch said in a statement. “Our cultural alignment, mutual dedication to our clients, and respective local communities—along with our ability to tap into a network of robust resources at CAPTRUST—lays a foundation for the firm’s growth for the next generation of clients and employees.”
Welch Hornsby, which has $5.5 billion in assets under advisement, will take on the CAPTRUST name.
Since 2006, CAPTRUST has added 40 firms across the country to build out the RIA’s wealth management and institutional practices. With the addition of Welch Hornsby, CAPTRUST now oversees an estimated $370 billion in assets and boasts over 675 employees.
Raymond James & Associates acted as exclusive financial advisor to Welch Hornsby Inc. on the transaction.