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.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
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.
