Luxon Financial's Cary Street Partners Acquires Tradition Capital ManagementLuxon Financial's Cary Street Partners Acquires Tradition Capital Management
Luxon Financial announced today that its wealth management division Cary Street Partners will join forces with Tradition Capital Management, combining $3.5 billion in managed assets.
Cary Street Partners, the wealth management arm of financial services firm Luxon Financial will be joining forces with Tradition Capital Management, an RIA firm based in Summit, NJ, Luxon announced on Monday.
The two firms will help manage about $3.5 billion in client assets as a result of the deal, which is scheduled to close by the end of April. For Tradition, the decision to combine forces came after a “thorough analysis” of the firm’s place in the asset management space, according to Benjamin C. Haliburton, Tradition’s managing Director.
“We valued the fact that both of our firms are independent partnerships and thereby not captive to any one fixed set of products. Importantly, this allows us to focus on our clients and make certain they are always at the center of the relationship and our decisions.”
Cary Street Partners, which was founded in 2002, has clients located across 48 states, with fourteen offices located through the Mid-Atlantic and Southern regions, while Tradition works to develop investment strategies with clients in 31 states. In late 2017, Cary Street Partners expressed an interest in acquisition opportunities after closing on an $18.9 million capital raise, as reported by the Richmond Biz Sense. After the deal is complete, Tradition Capital Management, which was founded in 2000, will subsequently operate as Tradition Asset Management.
“The combination of the two firms joins industry veterans, deepens our range of services to our clients and enhances our ability to compete in a rapidly consolidating environment,” Luxon Financial CEO Joseph R. Schmuckler said about the acquisition.
