Virginia’s Luxon Financial, which owns wealth manager Cary Street Partners, has agreed to acquire New-Jersey based advisory business Tradition Capital Management.
While Cary Street has clients across 48 states, Tradition tends to clients in 31 states.
The merged entity will oversee around $3.5bn in assets for individuals, families and institutions.
The transaction, whose financial terms were not revealed, is currently pending regulatory nod.
Luxon CEO Joseph Schmuckler said: “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.
“As the industry evolves, our firm will lead with a commitment to independence and unbiased client services, while continuing to invest in technology, people and processes that benefit clients.”
The deal is expected to complete at the end of this month.
Tradition managing director Benjamin Halliburton said: “We strongly desired to work with a firm whose legacy of care and fiduciary standards are maintained at the highest level in the industry.
“We valued the fact that both of our firms are independent partnerships and thereby not captive to any one fixed set of products.”
The acquired entity will operate under the name Tradition Asset Management after the deal is wrapped up.