CAPTRUST acquired New Jersey-based Portfolio Evaluations Inc. (PEI), M&A advisory practice Wise Rhino Group announced Friday.
Founded in 1992, PEI is known for its’ focus on providing high-end advice, guidance, direction, and education to the fiduciaries of institutional investment programs, according to Wise Rhino’s Dick Darian and Peter Campagna, who consulted on the deal.
Advising on more than $100B Billion in assets, PEI’s specialties lie in providing institutional investment and retirement plan consulting services for retirement plans, foundations and endowments, and family offices.
“Darian noted the emergence of uniform, key table stakes with which sellers have begun evaluating buyers.”
“I met PEI partners Attila Toth, Mike Sasso, and Rich Torbinski over lunch in 1992 just after they opened their doors,” Darian said in a statement. “I stayed in touch through my roles on the institutional investment distribution side and really enjoyed watching the remarkable growth of PEIs capabilities and client base. It has been such an honor and thrill to represent the partners as they worked to best align the interests of their clients, staff, and themselves.”
Founded in 1997 in Raleigh, North Carolina, CAPTRUST is an independent registered investment advisor. The firm provides investment management, financial planning, estate planning, and tax advisory and compliance for individuals and families.
Retirement plan M&A is hot and getting hotter
The acceleration of retirement advisory deals reflects many factors including increasing buyer demand and competition, strong deal terms, and improving buyer platforms and growth engines, Darian added.
Acquiring firms cover a broad range of operating types from retirement RIAs, national insurance brokerage firms, regional insurance brokerage firms, private equity, wealth RIAs, broker-dealers, bank and investment firms, and affiliate platforms.
Darian also noted the emergence of uniform, key table stakes with which sellers have begun evaluating buyers. They include:
- A firm’s commitment to the growth of the retirement business,
- the background of leadership and vision for the company,
- the “Day One” experience transitioning into the culture of the organization,
- adjustment and efficiency of integrating into the acquirer’s platform,
- capital for growth,
- the strength of the acquirer’s brand within the C-Suite, and
- the opportunity that exists for role and career expansion.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
