Less than two weeks after sealing a similar deal in Roanoke, a Richmond bank continues its climb in the wealth management business, this time in Northern Virginia.
Union Bank & Trust on Tuesday announced it struck a deal to acquire Outfitter Advisors, a McLean-based investment advisory firm that brings with its approximately $400 million in assets under management.
The deal, expected to close in the third quarter, would bring Union Wealth Management to $3.6 billion in assets under management. That figure received a $600 million boost April 1 with the closure of Union’s acquisition of Roanoke-based investment advisory firm Dixon, Hubard, Feinour & Brown.
In June 2016 the bank brought Charlottesville-based Old Dominion Capital Management and its $300 million in client assets into the fold.
Outtfitter, founded in 1999 by Ben Peress, will become part of Old Dominion Capital Management as part of the deal. Peress and the firm’s handful of employees will continue on under Union.
With three acquisitions since 2016, wealth management is a growing piece of the bank’s business. It reported $11.2 million in fiduciary and asset management fees for the full year 2017, up from $10.1 million in 2016 and $9.1 million in 2015.
Union spokesman Bill Cimino said the bank will continue to look for such deals, but they take time to come to fruition.
“There will probably be opportunities for us elsewhere in the major markets in Virginia,” Cimino said. “These aren’t deals that come together quickly. You need to really understand the business, the principals and the client base.”