Pinnacle Associates acquires $580 million Virginia RIA

Pinnacle Associates, a New York City-based investment advisory firm, announced that it has acquired Investment Management of Virginia, a registered investment advisor that oversees $580 million in client assets.

Investment Management of Virginia, which has offices in Richmond and Charlottesville, was founded in 1982 as a unit of Scott & Stringfellow. Its been independent since a management-led buyout in 2000.

We look forward to putting Pinnacles broad capabilities to work for our clients; these include deep experience in domestic and global markets, comprehensive financial planning, and impressive back office and support teams, John H. Bocock, chairman of IMVA, said in a statement. We are excited to join a closely held firm that shares our values and investment philosophy.

Dynasty Investment Bank was IMVAs financial advisor on the deal and McGuireWoods served as its legal advisor. Kupfer & Associates was Pinnacles legal advisor and MPI was its deal advisor.