Pinnacle Associates, Ltd. Announces Acquisition of and Partnership with Investment Management of Virginia, LLC

NEW YORK--(BUSINESS WIRE)--Pinnacle Associates, Ltd. (“Pinnacle”) announced today the acquisition of and partnership with Investment Management of Virginia, LLC (“IMVA”), a registered investment advisor managing approximately $580M in AUM for high net-worth individuals and institutions. Terms of the deal were not disclosed.

IMVA has offices in Richmond and Charlottesville, Virginia, and provides several equity-based investment strategies tailored to meet clients' individual needs. Originally established in 1982 as a subsidiary of Scott & Stringfellow, Inc., the firm became independent in 2000 following a management-led buyout.

"The IMVA model of offering attentive, experienced investment management services in a thriving area of the country is compelling in today's competitive marketplace. The firm’s ability to nurture and deepen relationships and its commitment to providing exceptional client service are the foundations of the firm’s success. We are looking forward to partnering with this team,” said Pinnacle’s President, Scott Brown.

“Pinnacle appreciates the close relationships we have with our clients, our experience and track record in managing assets for both individuals and institutions, and our dedication to providing comprehensive personal client service,” said IMVA Chairman, John H. Bocock. “We look forward to putting Pinnacle’s 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. We are excited to join a closely-held firm that shares our values and investment philosophy.”

Dynasty Investment Bank served as exclusive financial advisor and McGuireWoods served as legal advisor to IMVA. Kupfer & Associates, PLLC served as legal advisor and MPI served as a deal advisor to Pinnacle.

About Pinnacle Associates Ltd.

Founded in 1984, Pinnacle Associates, Ltd. is a forward thinking, multi-billion dollar investment advisory firm that provides advice to individuals and families, institutional investors and other financial institutions.