Joel Mangham and Dee Ann Remo (Courtesy Heritage Wealth Advisors)
Longtime Richmond firm Heritage Wealth Advisors has struck its first acquisition in its 18-year history and expanded into Charlottesville in the process.
The firm, led by founder Dee Ann Remo, in recent days acquired Charlotteville-based Mangham Associates, adding around $800 million in client assets to its base of $3.2 billion in assets under management.
Remo said she wasn’t out looking for a deal when she heard Mangham Associates was searching for a buyer. But she said the deal was the right one for her first outside acquisition.
“We’ve had pretty significant organic growth. We already are very strong,” Remo said. “It really is a case of being able to add depth and strengthen relationships that already exist.”
The deal adds Mangham’s team of six employees, including founder and namesake Joel Mangham, to Heritage’s roster of 32 employees.
Remo said the opportunity to plant the Heritage flag in Charlottesville with an established practice was also a driver.
“Charlottesville is very attractive. It allows us to springboard into Roanoke and southwest Virginia very easily,” she said.
Heritage is headquartered in Truist Place in downtown Richmond.
The new Charlottesville office adds to Heritage’s headquarters in the Truist Place in downtown Richmond and its Pittsburgh office, which it opened about four years ago.
Bringing Mangham into the fold also adds a seasoned portfolio of clients, mainly wealthy families and institutions such as foundations and endowments, that the firm has built since its founding in 1991.
Heritage describes itself as a multi-family office firm, meaning it mainly serves wealthy families by managing their assets, tax planning and philanthropy.
“It’s understanding the big picture and knowing what they want to accomplish as a family, what their legacy is,” Remo said.
She said the firm’s clients are spread across the country “but tend to have a Richmond touch point or connection.”
Remo would not disclose the firm’s annual revenue but said it manages the assets of around 200 households.
The Mangham deal closed Sept. 29. Heritage was represented in the transaction by attorney Jim Weinberg from the Hirschler law firm in Richmond.
With the Mangham deal closed, Remo said the uncertain state of the economy and investment markets is keeping her and the Heritage team busy as they address increasing questions from clients.
“When we go through challenging markets – and we do believe we will see challenging markets in the near-term – we feel like that’s when we do our best work,” she said. “These types of markets are when I feel like it’s the easiest to see the value prop of working with a firm like ours because we really are about structuring portfolios for the long term.
“We’ll have more conversations with clients but they’re deep conversations about that long-term plan,” she said.
Joel Mangham and Dee Ann Remo (Courtesy Heritage Wealth Advisors)
Longtime Richmond firm Heritage Wealth Advisors has struck its first acquisition in its 18-year history and expanded into Charlottesville in the process.
The firm, led by founder Dee Ann Remo, in recent days acquired Charlotteville-based Mangham Associates, adding around $800 million in client assets to its base of $3.2 billion in assets under management.
Remo said she wasn’t out looking for a deal when she heard Mangham Associates was searching for a buyer. But she said the deal was the right one for her first outside acquisition.
“We’ve had pretty significant organic growth. We already are very strong,” Remo said. “It really is a case of being able to add depth and strengthen relationships that already exist.”
The deal adds Mangham’s team of six employees, including founder and namesake Joel Mangham, to Heritage’s roster of 32 employees.
Remo said the opportunity to plant the Heritage flag in Charlottesville with an established practice was also a driver.
“Charlottesville is very attractive. It allows us to springboard into Roanoke and southwest Virginia very easily,” she said.
Heritage is headquartered in Truist Place in downtown Richmond.
The new Charlottesville office adds to Heritage’s headquarters in the Truist Place in downtown Richmond and its Pittsburgh office, which it opened about four years ago.
Bringing Mangham into the fold also adds a seasoned portfolio of clients, mainly wealthy families and institutions such as foundations and endowments, that the firm has built since its founding in 1991.
Heritage describes itself as a multi-family office firm, meaning it mainly serves wealthy families by managing their assets, tax planning and philanthropy.
“It’s understanding the big picture and knowing what they want to accomplish as a family, what their legacy is,” Remo said.
She said the firm’s clients are spread across the country “but tend to have a Richmond touch point or connection.”
Remo would not disclose the firm’s annual revenue but said it manages the assets of around 200 households.
The Mangham deal closed Sept. 29. Heritage was represented in the transaction by attorney Jim Weinberg from the Hirschler law firm in Richmond.
With the Mangham deal closed, Remo said the uncertain state of the economy and investment markets is keeping her and the Heritage team busy as they address increasing questions from clients.
“When we go through challenging markets – and we do believe we will see challenging markets in the near-term – we feel like that’s when we do our best work,” she said. “These types of markets are when I feel like it’s the easiest to see the value prop of working with a firm like ours because we really are about structuring portfolios for the long term.
“We’ll have more conversations with clients but they’re deep conversations about that long-term plan,” she said.