Cary Street Partners has acquired RiverStone Wealth Management, a Texas-based firm with offices in Austin and San Antonio.

RiverStone oversees more than US$400 million in client assets and has annual revenue of US$5.4 million.

The firm, which employs 23 people, specializes in delivering investment banking and wealth management services.

Cary Street Partners said that its combine RiverStone’s expertise in financial planning, wealth management, investment banking and advisory services with its wealth management and investment banking platform.

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

"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."

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