Cary Street Partners, the wealth management arm of Cary Street Partners Financial based in Richmond, Va., has acquired Waypoint Advisors, a Virginia Beach, Va.-based registered investment advisor with about $215 million in client assets. The transaction, expected to close at the end of this month, will create a combined firm with $4 billion in client assets.
Waypoint, founded in 2001, serves high-net-worth clients and foundations.
“Like many financial advisory firms, we recognize the need for larger scale to cover growing compliance, operations, and technology requirements,” said Elizabeth T. Patterson, president of Waypoint Advisors. “Cary Street Partners has the people, operations and the technology required to enable our team to do more of what we love to do, focus on clients and expand our expertise.”
The acquisition gives Cary Street an even stronger foothold in Virginia.
Last August, New York-based investment bank Ducera formed a strategic alliance with Luxon Financial, the parent company of Cary Street Partners. In May, Cary Street changed the name of its holding company to Cary Street Partners Financial. The partnership with Ducera was aimed at supporting Cary Street’s growth in the wealth management space, with the goal of bringing Ducera's investment banking capabilities to its clients.