Pinnacle Associates, a New York City-based investment advisory firm, announced that it has acquired Investment Management of Virginia, a registered investment advisor that oversees $580 million in client assets.
Investment Management of Virginia, which has offices in Richmond and Charlottesville, was founded in 1982 as a unit of Scott & Stringfellow. It’s been independent since a management-led buyout in 2000.
“We look forward to putting Pinnacle’s broad capabilities to work for our clients; these include deep experience in domestic and global markets, comprehensive financial planning, and impressive back office and support teams,” John H. Bocock, chairman of IMVA, said in a statement. “We are excited to join a closely held firm that shares our values and investment philosophy.”
Dynasty Investment Bank was IMVA’s financial advisor on the deal and McGuireWoods served as its legal advisor. Kupfer & Associates was Pinnacle’s legal advisor and MPI was its deal advisor.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.