US-based registered investment advisory (RIA) firm Procyon Partners has acquired OLV Investment Group to expand its footprint into the Midwest and South.
OLV is a wealth management firm operating from multiple locations in Michigan and Texas.
The acquisition of OLV adds more than $500m in assets under management (AUM), bringing Procyon’s total AUM to nearly $9bn.
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It also includes the transition of seven financial advisers and 13 team members from OLV, increasing the RIA firm’s workforce to almost 80 employees.
This transaction supports Procyon’s strategy to expand the reach of its wealth management platform across the US.
Procyon CEO Phil Fiore said: “Our goal has always been to build a firm that delivers comprehensive solutions through a team-based, client-first approach.
“By joining forces with OLV, we are extending the reach of our platform to new regions and clients with evolving financial needs.
“This is about applying what we’ve built to serve a wider audience, without ever losing the personal touch that defines us.”
Procyon offers services including financial planning, investment management, tax strategy, estate planning coordination, and advisory support for business owners.
For institutional clients, the firm assists with the design and management of retirement and health plans, as well as participant education on financial matters.
The combined firm will continue to deliver financial advice tailored to clients’ needs, leveraging Procyon’s operational resources, technology, and centralised support.
Also, the addition of OLV aligns with its long-term objective to extend its wealth management services to a broader client base across the country.
In July this year, Procyon expanded in its home market with the purchase of Wooster Corthell Wealth Management, which manages around $600m in client assets.
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