Caprock, an RIA serving ultra-high-net-worth clients, announced it acquired Chicago-based Grey Street Capital, a boutique advisor firm with $2.2 billion in client assets.
The deal is Caprock’s first and reflects the multi-family office’s desire to drive strategic growth and enhance the services it provides to clients. Caprock’s assets under advisement (AUA) are expected to be more than $11 billion.
“Caprock and Grey Street fit very well with each other as both firms are focused on providing sophisticated solutions to a select number of ultra-affluent families,” Gregory Brown, Caprock Co-CEO, said in a release. “We both have very talented teams with similar business models, expertise and investment philosophies.”
Grey Street’s advisors in Chicago, Scottsdale, Arizona, Winter Park, Florida, and Morris County, New Jersey will operate under the Caprock brand. The deal, according to a company release, will create aligned expertise and enhance services, including technological solutions, offered to ultra-high-net-worth clients.
Grey Street’s Co-Founder and CEO Jay Page added, “Joining the Caprock team means our advisors and clients will now have access to an even greater toolset.”
Boise-based Caprock was founded in 2005 and acts as a full-service outsourced Chief Investment Officer and Chief Financial Officer for wealthy families. The privately held firm also has locations in Seattle, San Jose; Newport Beach, California; Park City, Utah; New York and Austin, Texas.
Grey Street was founded in 2017 as a full-service, boutique investment partner creating customized, comprehensive portfolios for high-net-worth clients.
Bill Gilbert, Caprock’s Co-CEO, said Caprock would consider future acquisitions but not at the expense of client service, saying the firm will “continue to be intentional about growth to ensure we always maintain alignment between our firm, our team and the clients we serve.”
