Cary Street Partners has acquired RiverStone Wealth Management, a Texas-based investment banking and wealth management firm with offices in Austin and San Antonio.
RiverStone Wealth Management oversees more than $400 million in client assets, has annual revenue of $5.4 million and employs a staff of 23. The firm was founded in 1995 as the Avantus Group prior to merging with First Financial Investment Securities in 2000. In 2004, the firm rebranded and was renamed RiverStone Wealth Management.
Cary Street Partners is headquartered in Richmond, Va. The firm provides investment banking and wealth management services to individuals, institutions and companies. Cary Street Partners' strategy is to acquire quality wealth management firms in attractive markets. The firm targets geographic markets in the southeastern and has additional offices in North Carolina, Georgia and Tennessee.