Luxon Financial to Combine with Tradition Capital ManagementSubmitted by Tradition Advisers on April 9th, 2019
Transaction Expands Combined Firm’s National Client Base and Client Service Capabilities
RICHMOND, Va.--(BUSINESS WIRE)--Luxon Financial LLC, an independent financial services firm and the parent of wealth manager Cary Street Partners, announced today that it has entered into a definitive agreement to combine with Tradition Capital Management LLC, a Summit, NJ – based registered investment advisor.
The transaction will combine two firms with a strong presence in their respective markets and who seek to leverage their complementary capabilities. Tradition Capital Management has built a strong investment track record for clients located across 31 states since its founding in 2000. Originally founded in 2002, Cary Street Partners operates as the wealth management arm of Luxon Financial, with clients located across 48 states. The combined firms will help clients manage approximately $3.5 billion in assets and provide comprehensive wealth management solutions to individuals, families and institutions.
“We are very pleased to be joining forces with our new partners at Tradition Capital Management,” said Joseph R. Schmuckler, Chief Executive Officer of Luxon Financial. “The combination of the two firms joins industry veterans, deepens our range of services to our clients and enhances our ability to compete in a rapidly consolidating environment. As the industry evolves, our firm will lead with a commitment to independence and unbiased client services, while continuing to invest in technology, people and processes that benefit clients.”
“Our decision to join the team at Luxon Financial came after a thorough analysis of our firm and the changing landscape of our industry and client needs,” said Benjamin C. Halliburton, Managing Director of Tradition Capital Management. “We wanted to partner with individuals who recognize this direction and who maintain integrity in how to compete and win in this environment. We strongly desired to work with a firm whose legacy of care and fiduciary standards are maintained at the highest level in the industry. We valued the fact that both of our firms are independent partnerships and thereby not captive to any one fixed set of products. Importantly, this allows us to focus on our clients and make certain they are always at the center of the relationship and our decisions.”
The transaction is subject to certain regulatory closing conditions and is scheduled to close at the end of April. Upon completion of the transaction, Tradition Capital Management’s business will operate as Tradition Asset Management, LLC.
About Luxon Financial
Luxon Financial LLC is an independent financial services firm operating in a partnership culture. Luxon provides comprehensive wealth management services including investment, estate planning and financial advice in a culture dedicated to high performance, independence and objective thinking. Our Cary Street Partners financial advisors serve individuals, families and institutions with customized solutions tailored to fit each client’s objectives. Founded in 2002, Luxon Financial operates across fourteen offices in five states in the dynamic Mid-Atlantic and Southern markets.
About Tradition Capital Management
Tradition Capital Management, LLC is an independent registered investment advisor. The firm provides investment research, asset management and comprehensive wealth management services to individuals, families and institutions. Founded in 2000, Tradition serves its clients across thirty-one states from Summit, NJ.