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Virginia-Based Investment Firm Buys Texas Wealth Manager

Sandra Kilhof

10 December 2013

Cary Street Partners has acquired , a Texas-based firm with offices in Austin and San Antonio. The deal will combine RiverStone's financial planning, wealth management, investment banking and advisory services with Cary Street Partners' wealth management and investment banking platform.

The acquisition of RiverStone is part of Cary Street Partner expansion strategy to acquire wealth management firms in attractive markets, said Kip Caffey, managing partner of Cary Street Partners.

RiverStone oversees more than $400 million in client assets, has annual revenue of $5.4 million and employs 23 members of staff. The firm specializes in investment banking and wealth management.

Cary Street Partners, an investment firm, has nine offices in the Southeast including Atlanta, GA; Abingdon, Blacksburg, Richmond, Wytheville and Fredericksburg in Virginia; Johnson City, TN; and Charlotte, NC.