Boston firm with Portland ties acquired by North Carolina counterpart
CapTrust Financial Advisors of Raleigh, N.C., said Thursday it has acquired Boston Financial Management, which has an office in Portland.
The acquisition added nearly $5 billion of client assets along with Boston Financial’s locations in Portland, Boston and Cape Cod and 45 employees, according to a news release.
Boston Financial, founded in 1976 and led by Louis Crosier, provides wealth management and investment advisory services for individuals, families, endowments and nonprofits.
Terms of the deal were not disclosed. As part of the transaction, Boston Financial’s founder and chairman of the board, Richard Morse, will retire.
Boston Financial entered the Portland market in 2019, with an office in the Old Port and clients in southern Maine, New Hampshire and Massachusetts.
CapTrust was founded in 1997 as an independent registered investment advisor.
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