Raleigh’s Captrust Financial Advisors is expanding its wealth management business with the acquisition of Wilmington-based Fountain Financial Associates. Fountain Financial will add $654 million in assets under management to Captrust and mark the firm’s fourth location in North Carolina, with offices in Raleigh, Greensboro and Charlotte.
Founded by Vinton Fountain in 1998, Fountain Financial Associates is one of Wilmington’s largest independent financial planning and investment management firms. Fountain and advisors Buck Beam, Brice Gibson, Chris Riley and Bob Warwick, will join the Captrust practice along with 10 other employees.
It brings Captrust’s North Carolina headcount to more than 330 employees including 50 advisors. The independent, employee-owned investment and advisory firm has more than $368 billion in client assets under management and more than $18 billion in assets in its wealth management practice.
Financial details of the acquisition were not made public.