Pinnacle Buys $580M Wealth Manager

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

Financial terms of the deal were not disclosed.

IMVA offers equity-based investment options that can be customized to each client’s needs. The company was founded in 1982 as a Scott & Stringfellow subsidiary before becoming independent in 2000 following a management-led buyout.

“The IMVA model of offering attentive, experienced investment management services in a thriving area of the country is compelling in today’s competitive marketplace,” said Pinnacle’s President, Scott Brown.

The deal serves as an illustration of the M&A activity that still takes place in RIA and multi-family office sectors. This tendency is being driven by the need for economies of scale, create a succession plan, handle escalating technological needs and satisfy growing customer expectations.

Founded in 1984, Pinnacle manages $6.6 billion in assets.