Captrust Financial Advisors, a Raleigh, North Carolina-based RIA and broker-dealer, has acquired a 13-person practice from Truist Investment Services in Winston-Salem, according to an announcement Wednesday.
The Hoge-Barrett Group, led by Brett W. Hoge, managed over $3 billion in client assets, according to the announcement. The team, which also includes advisor Alexander W. Barrett, registered with Captrust on October 9, according to registration records. Terms of the deal were not disclosed, but a Captrust spokesperson said certain team members received equity in the firm.
Hoge, who was not immediately available for comment, said in a statement that the move to Captrust gives his team “greater flexibility in how we serve clients,” along with more technology, investment research and planning resources.
A Truist spokesperson did not immediately respond to a request for comment.
Hoge began his career at Jefferson Pilot Securities in 1999 and worked at Wachovia Securities before moving to BB&T’s Scott & Stringfellow predecessor in 2008, according to registration records. Barrett joined the practice in 2014 after beginning his career at Watermark Advisors two years earlier.
The Winston-Salem office is Captrust’s seventh in North Carolina, according to Wednesday’s announcement. It has 111 advisors in the state.
The team is at least the third billion-dollar practice to depart Truist since July. That month, a team joined Wells Fargo’s independent Financial Network in Palm Beach Gardens, Florida, and in September, another team moved to Rockefeller Global Family Office in Charlotte, North Carolina.
Captrust, which advises on more than $1 trillion in assets, has recruited several other large teams this year, including $3.8 billion Alpha Cubed Investments in Southern California, and $1.25 billion Stillwater Capital in Pennsylvania. Last month, it bought two New York firms with $1.2 billion in combined assets.
Founded in 1997, Captrust is majority owned by its employees and minority backed by private equity firms GTCR and Carlyle Group.
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