New York-based investment bank Ducera has collaborated with and invested in Luxon Financial, parent of wealth manager Cary Street Partners.

Financial terms of the transaction were not disclosed.

The tie-up is intended to strengthen the wealth management operations of Virginia-based Luxon, which is said to be growing in the US Mid-Atlantic and Southeast regions.

The services offered by Luxon include investment, estate planning, and financial advice.

Ducera partner and CEO Michael Kramer said: “We have been following the growth at Luxon Financial and have been impressed by their strategic initiatives and execution.

“We see enormous growth in this important and complementary segment of the market for our clients and we want to be best positioned to support these growing needs. Both of our firms have a partnership culture focused on client service and driving growth.”

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As part of the deal, a Ducera representative will gain a seat on the Luxon board.

Ducera has advised on more than $250bn in transactions since its inception in 2015.

Luxon CEO Joseph Schmuckler said: “Ducera is an industry leader in providing exceptional advice and financial expertise to leading decision makers, and we look forward to leveraging their expertise in our business as we welcome them to our Board of Directors.

“We are confident that both our firm’s clients and partners will benefit from our alliance with Ducera.”

Earlier this year, Luxon announced the acquisition of advisory business Tradition Capital Management.