Deal beefs up Union’s wealth management clout

Union's headquarters at 1051 E. Cary St. (Photo by Michael Schwartz)

Union’s headquarters at 1051 E. Cary St. (Photo by Michael Schwartz)

Richmond’s biggest local bank has struck a deal in Charlottesville that it hopes will be the first in a series of steps toward growing its wealth management arm.

Union Bank & Trust announced on Tuesday it has acquired Old Dominion Capital Management, a Charlottesville-based investment advisory firm with clients around the country and $300 million in assets under management.

The purchase was finalized last week. Terms were not disclosed.

Those client assets add to Union’s wealth management arm which has about $1.9 billion in assets for clients.

Billy Beale

Billy Beale

Union CEO Billy Beale said the Old Dominion deal is the first step in a strategic push to grow that part of the bank’s balance sheet.

He said the plan involves two tracts.

“One was putting more emphasis on working with our existing bank customer base to try to sell wealth products, fin advice and retirement planning,” Beale said. “The other was to see if there are opportunities with companies like Old Dominion and whether they had interest in joining a bank to see if we both can get a lift out of it.

“They are the first and we hope it leads to others.”

The bank wouldn’t comment on how much revenue Old Dominion brings into the Union fold. Its client list spans 29 states and is made primarily of high net worth families

Old Dominion Capital Management was founded in Charlottesville in 1989 by UVA’s grads Jim Childress and Mark Thomas.

The company will operate as a subsidiary of Union with all of its seven employees staying on, including Childress and Thomas. Its offices in Charlottesville and Alexandria will also remain in operation.

Union's headquarters at 1051 E. Cary St. (Photo by Michael Schwartz)

Union’s headquarters at 1051 E. Cary St. (Photo by Michael Schwartz)

Richmond’s biggest local bank has struck a deal in Charlottesville that it hopes will be the first in a series of steps toward growing its wealth management arm.

Union Bank & Trust announced on Tuesday it has acquired Old Dominion Capital Management, a Charlottesville-based investment advisory firm with clients around the country and $300 million in assets under management.

The purchase was finalized last week. Terms were not disclosed.

Those client assets add to Union’s wealth management arm which has about $1.9 billion in assets for clients.

Billy Beale

Billy Beale

Union CEO Billy Beale said the Old Dominion deal is the first step in a strategic push to grow that part of the bank’s balance sheet.

He said the plan involves two tracts.

“One was putting more emphasis on working with our existing bank customer base to try to sell wealth products, fin advice and retirement planning,” Beale said. “The other was to see if there are opportunities with companies like Old Dominion and whether they had interest in joining a bank to see if we both can get a lift out of it.

“They are the first and we hope it leads to others.”

The bank wouldn’t comment on how much revenue Old Dominion brings into the Union fold. Its client list spans 29 states and is made primarily of high net worth families

Old Dominion Capital Management was founded in Charlottesville in 1989 by UVA’s grads Jim Childress and Mark Thomas.

The company will operate as a subsidiary of Union with all of its seven employees staying on, including Childress and Thomas. Its offices in Charlottesville and Alexandria will also remain in operation.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected]

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.




Return to Homepage

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments