Together the firms will manage about $3.5 billion in assets while providing wealth management solutions to individuals, families and institutions. The deal will expand the national client base – and client-service capabilities – for the combined firms, the companies said in a press release on Monday.
“Our decision to join the team at Luxon Financial came after a thorough analysis of our firm and the changing landscape of our industry and client needs,” said Benjamin Halliburton, managing director of Tradition Capital Management. “We wanted to partner with individuals who recognize this direction and who maintain integrity in how to compete and win in this environment.”
“We strongly desired to work with a firm whose legacy of care and fiduciary standards are maintained at the highest level in the industry,” he added. “We valued the fact that both of our firms are independent partnerships and thereby not captive to any one fixed set of products.”
Luxon Financial is an independent financial services firm and the parent of wealth management Cary Street Partners. It is based in Richmond, Va.
The deal is subject to certain regulatory closing conditions and is scheduled for completion at the end of the month. Until that time, Tradition Capital Management’s business will operate as Trading Asset Management LLC.