Monday, May 16, 2022

Captrust buying northern Indiana wealth manager

The state’s largest investment manager is getting bigger. Captrust Financial Advisors added $1.6 billion to its assets under advisement after acquiring Chesterton, Ind.-based Lakeside Wealth Management. The deal brings the company’s total assets under advisement to more than $390 billion. Specific financial details were not disclosed.

Lakeside is adding $1.1 billion in institutional and $526 million in wealth management assets to the Raleigh-based adviser and it will continue to operate under the Captrust brand. Captrust’s national headcount will surpass 700 with the addition of Lakeside’s 27 employees. CEO Mark Chamberlain, President Tim Rice, and senior leaders Chip Mang and Timothy VerSchure are joining Captrust as partners.

“Despite these unprecedented times, we are continuing on our trajectory of strong organic and inorganic growth,” Rick Shoff, managing director in Captrust Advisor Group said in the announcement.

Founded in 2002, Lakeside specializes in retirement and financial planning, investment and wealth management.

The acquisition marks Captrust’s 41st transaction since 2006.  Captrust also ranks first on Business North Carolina’s list of the largest investment managers in the state. Read more here.

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