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Financial Advisory  + RIAs & Financial Advisors  | 
Pinnacle Buys $580M Wealth Manager

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.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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