Wilbanks Smith & Thomas Asset Management, LLC (WST) – a Norfolk, Virginia-based wealth management and investment advisory firm – has announced the acquisition of Roanoke based investment management firm, Virginia Capital Strategies (VCS).
Founded in 2001, VCS is an established provider of investment management services to both individuals and organizations. Today VCS oversees over $300 million in client assets throughout the Mid-Atlantic.
Stephen J. Bowery, President of Virginia Capital Strategies, believes that “WST offers an excellent platform, and, like VCS, is committed to serving its clients. In addition, with respect to the acquisition, we will now have the capabilities to offer a wide range of WST investment services that we believe compliment the VCS strategies. We are excited to be continuing our relationship with clients through a new association with WST.”
Founded in 1990, WST has evolved into a diversified solutions provider and one of the largest independent firms in the nation but retains a core focus on serving individuals, families and institutions through objective advice, independent decision-making and tailored investment solutions.
Today, the firm manages approximately $3.4 billion in client assets and advises approximately an additional $600 million. Headquartered in Norfolk, Virginia, with additional offices in Richmond and Raleigh, WST fields a team of 42 associates comprising professionals and specialists across investment management, client service, operations, compliance and marketing.
Wayne F. Wilbanks, Managing Principal and co-founder of Wilbanks Smith & Thomas, added “WST is excited to have VCS join the team and looks forward to helping enhance the client relationships they have built over the past 19 years. VCS’ excellent reputation is built on a strong client-first approach – a focus that aligns with WST’s history and mission. We welcome the opportunity to complement Steve’s operations and investment efforts through our research and resources, and Steve will be a key member of our investment committee. We also look forward to serving the Roanoke Valley as a dedicated corporate citizen, just as we have strived to be in Hampton Roads over the last 30 years.”
The acquisition of VCS was finalized on January 31ST, 2020. Existing VCS staff will continue to serve Roanoke Valley and will be supported by WST office headquarters.