Cary Street Partners of Richmond, Va., is expanding further in the Garden State market with its acquisition of Florham Park-based National Wealth Management. Terms of the transaction, which closed on April 15, were not immediately disclosed.
The combined firms will manage approximately $5.5 billion in assets across all Cary Street Partners subsidiaries.
It is Cary Street’s second New Jersey-based institute acquisition in under three years. Luxon Financial, the parent company of Cary Street, obtained Summit-based Tradition Capital Management LLC in April 2019.
“We are excited to join forces with [Founding Partner] Dave Cottam and the team of National Wealth Management,” Joseph Schmuckler, Cary Street’s CEO said in a statement. “Dave was an early pioneer to the fee-based independent business model and understands what it takes to build a valuable service culture to clients in today’s environment. Cary Street Partners is built on the same vision and the combination of our firms will strengthen all of us to operate at a higher standard in all that we do to serve clients.”
NWM specializes in investment management, financial, retirement and business succession planning, strategic executive stock option management, insurance risk management, advanced planning and education planning.
“As we have grown, we began to recognize the need for the larger scale institutional competencies required to cover our business needs,” Cottam added. “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.”