Old Dominion Capital Management, a unit of Union Bank & Trust, has agreed to buy Outfitter Advisors, a Virginia-based registered investment advisory firm, for an undisclosed sum.
Set up in 1999, Outfitter Advisors currently oversees around $400m in assets. The business will become part of Old Dominion following the completion of the takeover in the third quarter of this year.
It will operate with three offices in Virginia located in Charlottesville, Alexandria, and McLean that currently serves as its base.
Existing principals and staff of the acquired entity will join Old Dominion as part of the deal.
Union Bank & Trust president of Union Wealth Management Robert Martin said: “We are very pleased to bring Ben Peress and the firm he built–Outfitter Advisors–under the Union registered investment advisers umbrella.
“One of our goals for 2018 was to expand the reach and capabilities of our wealth management team by adding advisory talent in key markets. Outfitter Advisors based in the Northern Virginia-Metro DC market adds talented professionals that will complement our existing team at Old Dominion Capital Management.”
The latest deal will take Union Wealth Management’s registered investment advisor assets to more than $1.3bn and total assets under advisement to over $3.6bn.
The deal comes close on the heels of Union Bank & Trust’s acquisition of Dixon, Hubard, Feinour, & Brown, another Virginia-based investment advisory firm.