A Richmond financial firm is spreading into the Tar Heel State.
Virginia Asset Management, a financial planning and advisory firm that oversees almost $1 billion in assets, is absorbing Delta Financial Advisors in a merger that will give the Midlothian company a foothold in two North Carolina markets.
The deal, set to go into effect Jan. 1, will likely be the first step in a larger push for Virginia Asset Management in North Carolina.
“It’s a natural expansion for us to go down to the Carolinas more officially,” said Michael White, Virginia Asset Management’s president and chief executive, adding that the company has had clients in North Carolina but had yet set up an office.
“We’re stair stepping, if you will, into the North Carolina marketplace,” White said. “We have aspirations of having a lot visibility in Charlotte.”
Terms of the merger were not disclosed.
As part of the deal, Delta’s offices in Pinehurst, N.C., and Wilmington, N.C., will become part Virginia Asset Management. And they’ll take the new name.
White and Delta founder and president Paul DiSantis broached the subject of a deal years ago.
“We talked probably a dozen years ago about a merger, and [DiSantis] wasn’t ready,” White said. “Now he is.”
DiSantis started Delta in the late 1970s. It specializes in financial advisory services for physicians.
“I’m just turning 66, and I wanted to continue to work for 10 years and wanted someone else to manage it,” DiSantis said Wednesday. “Mike [White] was the obvious choice.”
About a dozen employees will make the move to Virginia Asset Management, including DiSantis.
The 26-year-old company has about 100 employees and offices in Norfolk, South Hill, Va., Williamsburg, and Aliquippa, Pa., near Pittsburgh. That’s in addition to its headquarters on Wylderose Drive in Midlothian.
With about $950 million in funds under advisement, it is the third largest locally-based financial advisory/asset management firm, according to a BizSense survey this year.