Wilbanks Smith & Thomas Asset Management (WST) – an investment advisory headquartered in Virginia, has acquired local peer Virginia Capital Strategies (VCS).
The deal adds more than $300m in assets to WST’s books. Financial terms of the transaction were not divulged.
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Existing VCS employees have been retained as part of the deal.
Commenting on the deal, VCS president Stephen Bowery said: “In addition, with respect to the acquisition, we will now have the capabilities to offer a wide range of WST investment services that we believe compliment the VCS strategies.”
Established in 2001, Roanoke-based VCS is a much newer firm compared to WST that was set up in 1990.
WST manages around $3.4bn in assets. The firm has branches in Norfolk that serves as its base, in addition to Richmond and Raleigh.
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By GlobalDataWST managing principal and co-founder Wayne Wilbanks said: “VCS’ excellent reputation is built on a strong client-first approach – a focus that aligns with WST’s history and mission. We welcome the opportunity to complement Steve’s operations and investment efforts through our research and resources, and Steve will be a key member of our investment committee.
“We also look forward to serving the Roanoke Valley as a dedicated corporate citizen, just as we have strived to be in Hampton Roads over the last 30 years.”
