Cary Street Partners acquires Texas-based RiverStone Wealth Management
Cary Street Partners 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 USD400m in client assets, has annual revenue of USD5.4m and employs a staff of 23. The firm specialises in delivering investment banking and wealth management services to the diverse needs of its two primary markets.
Brian Smith (pictured), co-founder and chief executive officer of RiverStone Wealth Management, says: "We're very excited about joining forces with Cary Street Partners. This is a great opportunity to partner with a successful, established organisation 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," says 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 capitalising on significant long-term opportunities."
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