Cary Street Partners LLC acquires Texas wealth management firm

Richmond-based investment firm Cary Street Partners LLC has acquired Texas-based RiverStone Wealth Management.

Terms of the acquisition were not disclosed.

The RiverStone deal is part of Cary Street Partners’ strategy to acquire high-quality wealth management firms in attractive markets. The firm is targeting  markets in the Southeast from Virginia through Texas.

Austin-based RiverStone,  which has also an office in San Antonio, has annual revenue of $5.4 million and employs 23 people.

The firm, founded in 1995, manages more than $400 million in client assets.

Its primary businesses are financial planning, wealth management, investment banking and advisory services.

“We’re delighted to expand our business into the Texas market, and to partner with such a strong-earning, high-performing firm,” Kip Caffey, managing partner of Cary Street Partners, said in a statement.  “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.”

Cary Street Partners provides investment banking and wealth management services. It currently has  offices in Virginia, North Carolina, Georgia and Tennessee.

RiverStone was founded as the Avantus Group. It merged with First Financial Investment Securities in 2000. The firm was renamed in 2004.