RiverStone bought by Virginia firm
Dec 10, 2013
Austin Business Journal
RiverStone Wealth Management has been acquired by a Virginia-based wealth management and investment banking firm.
Austin-based RiverStone was bought last week by Cary Street Partners LLC. Financial terms of the deal were not disclosed.
RiverStone Wealth Management, which employs 23 workers, was founded in 1996 as First Avantus Securities Inc., an investment and financial advisory firm. The company changed its name to RiverStone Wealth Management in 2004 and grew to $400 million in client assets and a $5.4 million in annual revenue. It operates offices in Austin and San Antonio
In 2005, the National Association of Securities Dealers fined RiverStone for “engaging in conduct that circumvented and or assisted in circumventing the net capital rule” when it operated as First Avantus. The firm was fined $100,000.
The acquisition of RiverStone Wealth Management is consistent with Cary Street Partners broader strategy to acquire quality wealth management firms in attractive markets. The firm targets geographic markets in the southeastern crescent from Virginia through Texas, according to a firm news release
“We’re delighted to expand our business into the Texas market, and to partner with such a strong earning, high performing firm,” Managing Partner Kip Caffey said
Cary Street Partners, founded in 2002, operates three offices in Virginia, two in North Carolina, and one each in Georgia and Tennessee