The new firm, which will open this week, will operate under the Evermay name and will have approximately $300 million in assets under management, the publication said.

William Pitt and Damon White left United Bank in Washington to form Evermay earlier this year. Mr Pitt was an executive vice president and managing director, while Mr White was a senior vice president at the bank's brokerage services division.

Ayrshire, founded by Beth Larson and Jim Ferguson, has been an investment manager in Washington for more than 20 years. Messrs Pitt, White and Ferguson and Ms Larson will be principals in the combined firm.