New York-based investment bank Ducera has formed a strategic alliance with Luxon Financial, the parent company of Richmond, Va.-based wealth management advisory Cary Street Partners with $2.3 billion in client assets. The partnership will support Luxon's growth in the wealth management space, with the goal of bringing Ducera's investment banking capabilities to its clients.
Ducera has advised on more than $250 billion in transactions since its formation in 2015, and will be making an investment in Luxon as a result of the partnership; a Ducera representative will join Luxon’s board of directors. Luxon CEO Joseph R. Schmuckler said he looked forward to the partnership, viewing it as an opportunity for Luxon clients.
“Ducera is an industry leader in providing exceptional advice and financial expertise to leading decision makers, and we look forward to leveraging their expertise in our business as we welcome them to our Board of Directors,” he said. “We are confident that both our firm’s clients and partners will benefit from our alliance with Ducera.”
Luxon Financial was founded in 2002, starting a wealth management business in Richmond two years later, that has steadily grown since then. The firm hit $1 billion in assets under management in 2008, and now has 15 offices across 15 states with approximately 100 employees with clients scattered throughout 48 states.
In 2017, Cary Street Partners closed a $18.9 million capital raise to support firm expansion and acquisitions. This past April, Cary Street Partners announced a partnership with the Summit, N.J.-based RIA firm Tradition Capital Management; the deal closed in early May. The deal boosted Luxon’s total AUM to $3.5 billion. (Cary Street Partners' AUM is $2.3 billion, though the $700 million in AUM from the Tradition Capital Management deal will eventually be rebranded as part of Cary Street's managed assets.)
