The acquired business operates in Virginia, and the deal is yet another case of RIA merger and acquisition activity.

Pinnacle Associates has bought Investment Management of Virginia, a registered investment advisor managing about $580 million of assets for high net worth individuals and institutions.

The terms of the deal were not disclosed.

IMVA has offices in Richmond and Charlottesville, Virginia, and provides several equity-based investment strategies tailored to meet clients' individual needs. Originally established in 1982 as a subsidiary of Scott & Stringfellow, the firm became independent in 2000 following a management-led buyout.

Dynasty Investment Bank served as exclusive financial advisor and McGuireWoods served as legal advisor to IMVA. Kupfer & Associates, PLLC served as legal advisor and MPI served as a deal advisor to Pinnacle.

"The IMVA model of offering attentive, experienced investment management services in a thriving area of the country is compelling in today's competitive marketplace. The firm’s ability to nurture and deepen relationships and its commitment to providing exceptional client service are the foundations of the firm’s success. We are looking forward to partnering with this team,” Pinnacle’s president, Scott Brown, said.

Pinnacle was founded in 1984.

The transaction is an example of the kind of M&A activity that continues in the RIA and multi-family offices space in North America. A desire for economies of scale, to set up a succession plan, handle growing technology demands, and meet clients’ rising expectations, are forces driving this trend. This news service has examined whether rising interest rates have affected deals and will continue to do so. See here also for a story on recent trends.