RICHMOND, VA – June 6, 2022 – Cary Street Partners announced it has agreed to acquire Dixon,
Hubard, Feinour & Brown, Inc. (“DHFB”) from Atlantic Union Bank, a wholly owned subsidiary of
Atlantic Union Bankshares Corporation. Founded in 1981, DHFB is a Virginia-based wealth
management firm with approximately $1.6 billion in AUM. The transaction will bolster Cary Street
Partners’ strong existing Virginia wealth management footprint by adding locations in Roanoke,
Charlottesville, and Arlington. With the closing of this latest acquisition, Cary Street Partners will
advise nearly 6,000 clients on approximately $7 billion in assets across all its subsidiaries.
“We are pleased to be joining forces with this tremendous team of financial advisors who will add
depth and talent to our firm,” said Joseph R. Schmuckler, Chief Executive Officer at Cary Street
Partners. “Our professionals are dedicated to operating at a higher standard by creating and
maintaining a state-of-the-art technology and operations platform to support the sophisticated
needs of our growing advisor base and their clients.”
“Our decision to align our strategy with Cary Street Partners came after a thorough analysis of the
changing landscape in the RIA industry and client needs,” said Maria Tedesco, President and Chief
Operating Officer of Atlantic Union Bank. “We saw tremendous value in combining our registered
investment advisers with Cary Street Partners and taking a minority ownership stake in a strong
Virginia-based firm which is looking to accelerate its growth in this complementary non-bank
business.”
The transaction is scheduled to close by the end of June once all required regulatory approvals are
received and any other customary closing conditions are met. Upon completion of the
transaction, Dixon, Hubard, Feinour & Brown, Inc. will operate under the Cary Street Partners
brand. Cary Street Partners was advised by Ducera Partners and Williams Mullen. Atlantic Union
Bank was advised by Troutman Pepper Hamilton Sanders LLP.
About Cary Street Partners
Cary Street Partners is a leading independent financial services firm that provides comprehensive
wealth management services including investment management, planning and financial advice in
a culture dedicated to independence and objective thinking. Cary Street Partners’ financial
advisers serve individuals, families and institutions with customized strategies tailored to fit each
client’s objectives. The firm is headquartered in Richmond, Virginia and has a network of offices
stretching from New Jersey to Texas. For more information, please visit carystreetpartners.com.
