A new wealth management firm, Pactolus Private Wealth Management, has launched and is partnering with Dynasty Financial Partners.

Headquartered in McLean, Virginia and with offices in Manhattan, Pactolus was founded by Alan Harter. Prior to the launch, Harter held senior-level posts at Morgan Stanley Smith Barney and served as an advisor for Citi Family Office and Wachovia Wealth Management.

New York-based Dynasty, launched in December and backed by wealth management heavyweights, provides investment and technology platforms for financial advisors to the ultra high net worth. It has also partnered with Fidelity Institutional Wealth Services, a custodian for both Pactolus and Dynasty.

Pactolus caters to ultra high net worth families, which its defines as those with more than $25 million in net assets. Several families are already on board and the firm is limiting new clients to no more than an additional 10 families in 2011.

Pactolus provides traditional and alternative asset management services, as well as hard asset consulting, trusts and estate planning support, philanthropic counseling and a business advisory team assigned to each family.

“The clients I work with - mostly entrepreneurs who have achieved a high degree of success through aggressive innovation, decisive action and creative solutions - not surprisingly would like the same principles applied to their portfolios,” said Harter.

Pactolus said it will seek out families that meet financial minimums, are open to collaboration with other families, are interested and willing to include philanthropy as a cornerstone of their portfolios, and are not afraid to think beyond traditional geographic, industrial and commodity-type boundaries.

To that end, an advisory board of existing families has already been formed and will play an important role in decisions related to new members, the firm said.