RICHMOND, Va., Dec. 9, 2013 /PRNewswire-iReach/ -- Cary Street Partners, LLC announced it has acquired RiverStone Wealth Management, a Texas-based firm with offices in Austin and San Antonio. The acquisition will combine RiverStone's expertise in financial planning, wealth management, investment banking and advisory services with Cary Street Partners' wealth management and investment banking platform.
RiverStone Wealth Management oversees more than $400 million in client assets, has annual revenue of $5.4 million and employs a staff of 23. Since its inception in 1995, RiverStone has grown steadily and built a reputation of integrity and client service. The firm specializes in delivering investment banking and wealth management services to the diverse needs of its two primary markets.
According to Brian Smith, co-founder and Chief Executive Officer of RiverStone Wealth Management, "We're very excited about joining forces with Cary Street Partners. This is a great opportunity to partner with a successful, established organization that has the stability, financial capabilities and advanced infrastructure to support further growth."
The acquisition of RiverStone Wealth Management is consistent with Cary Street Partner's broader strategy to acquire quality wealth management firms in attractive markets. The firm targets geographic markets in the southeastern crescent from Virginia through Texas. Cary Street Partners currently has nine locations throughout Georgia (Atlanta), Virginia (Abingdon, Blacksburg, Richmond, Wytheville, Fredericksburg), Tennessee (Johnson City) and North Carolina (Charlotte).
"We're delighted to expand our business into the Texas market, and to partner with such a strong earning, high performing firm," said Kip Caffey, Managing Partner of Cary Street Partners. "Building on our successful partnership and the synergy of our firms, we look forward to continuing our growth, strengthening our offerings and capitalizing on significant long-term opportunities."
About Cary Street Partners
Cary Street Partners is an investment firm headquartered in Richmond, Virginia with offices in Virginia, North Carolina, Georgia and Tennessee. The firm provides objective investment banking and wealth management solutions to successful individuals, institutions and companies. The Wealth Management division provides financial advice to individuals, family offices and non-profit institutions, including financial planning, manager recommendations and portfolio construction and maintenance. The investment banking team provides merger and acquisition advisory services, private placements of debt and equity capital, and strategic advice to emerging growth companies in select industries in the Southeast. Cary Street Partners is the trade name used by two separate limited liability companies, Cary Street Partners Investment Advisory LLC, a registered investment advisor; and Cary Street Partners LLC, a registered broker-dealer and member of FINRA and SIPC. Additional information about Cary Street Partners can be found at www.carystreetpartners.com.
About RiverStone Wealth Management Inc.
Headquartered in Austin, Texas, RiverStone Wealth Management is a full service wealth management, investment advisory firm that provides financial planning, wealth management, insurance, investment banking, business advisory, and tax preparation services to their clients. The firm oversees the management of over $400 million in client assets, has annual revenue of $5.4 million, and employs a staff of 23. With steady growth since its inception in 1995, the firm was founded as the Avantus Group prior to merging with First Financial Investment Securities in 2000. In 2004, the firm rebranded and was renamed RiverStone Wealth Management. Through the early years of growth the marked success of the company earned them recognition as the fastest growing privately held company in Austin in 1999 by the Austin Business Journal (ABJ). Today, the company is regularly featured as one of the largest wealth management firms in the ABJ Book of Lists.
Media Contact: Kip Caffey, Cary Street Partners, 404-974-4980, KCaffey@carystreetpartners.com
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SOURCE Cary Street Partners, LLC