Cary Street Partners has acquired New Jersey-based registered investment adviser (RIA) National Wealth Management (NWM) for an undisclosed amount.
The transaction was closed on 15 April 2022.
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Founded in 2005, the acquired entity specialises in financial, retirement and business succession planning, investment management, strategic executive stock option management, insurance risk management, education planning, and advanced planning.
It also develops asset allocation and investment programmes designed to cater to the overall long-term financial goals and objectives of the customers, consisting of high-net-worth (HNW) individuals and families.
The deal expands Virginia-based Cary Street Partners’ presence into metro New Jersey.
Cary Street Partners CEO Joseph Schmuckler said that the combination of the firms would enable both the firms to “operate at a higher standard in all that we do to serve clients”.
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By GlobalDataThe combined firm will provide wealth management solutions to individuals, families, and institutions with approximately $5.5bn in assets across all Cary Street Partners subsidiaries.
Commenting on the deal, NWM founding partner David Cottam said: “As we have grown, we began to recognize the need for the larger scale institutional competencies required to cover our business needs. Growing compliance, operations and technology and investment solutions are core to providing the highest standard to remain a true fiduciary.
“Cary Street Partners has the people and resources required to enable our team to do more of what we love to do, focus on clients and to expand our expertise.”
In 2020, Cary Street Partners signed a deal to buy Virginia-based independent RIA Waypoint Advisors.
