CityWire: Cary Street Partners buys Virginia Beach RIA

The hybrid firm has purchased Waypoint Advisors.

Hybrid RIA Cary Street Partners is buying a Virginia Beach, Va.-based RIA.

The Luxon Financial-backed firm said Tuesday it plans to purchase Waypoint Advisors. Specific financial terms of the transaction, which is expected to close at the end of June, were not disclosed.

Waypoint Advisors manages $224m. Cary Street Partners, which is based in Richmond, Va., said that the purchase of Waypoint would bring its total assets under management to roughly $4bn.

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