Atlantic Union Bankshares Corporation to Become a Strategic Investor in Cary Street Partners
Cary Street Partners announced it has agreed to acquire Dixon, Hubard, Feinour & Brown, Inc. (“DHFB”) from Atlantic Union Bank, a wholly owned subsidiary of Atlantic Union Bankshares Corporation. Founded in 1981, DHFB is a Virginia-based wealth management firm with approximately $1.6 billion in AUM. The transaction will bolster Cary Street Partners’ strong existing Virginia wealth management footprint by adding locations in Roanoke, Charlottesville, and Arlington. With the closing of this latest acquisition, Cary Street Partners will advise nearly 6,000 clients on approximately $7 billion in assets across all its subsidiaries.
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“We are pleased to be joining forces with this tremendous team of financial advisors who will add depth and talent to our firm,” said Joseph R. Schmuckler, Chief Executive Officer at Cary Street Partners. “Our professionals are dedicated to operating at a higher standard by creating and maintaining a state-of-the-art technology and operations platform to support the sophisticated needs of our growing advisor base and their clients.”
“Our decision to align our strategy with Cary Street Partners came after a thorough analysis of the changing landscape in the RIA industry and client needs,” said Maria Tedesco, President and Chief Operating Officer of Atlantic Union Bank. “We saw tremendous value in combining our registered investment advisers with Cary Street Partners and taking a minority ownership stake in a strong Virginia-based firm which is looking to accelerate its growth in this complementary non-bank business.”
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The transaction is scheduled to close by the end of June once all required regulatory approvals are received and any other customary closing conditions are met. Upon completion of the transaction, Dixon, Hubard, Feinour & Brown, Inc. will operate under the Cary Street Partners brand. Cary Street Partners was advised by Ducera Partners and Williams Mullen. Atlantic Union Bank was advised by Troutman Pepper Hamilton Sanders LLP.
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