Expansion into Charlottesville, Virginia, strengthens Heritage’s established presence in the Atlantic region
Heritage Wealth Advisors, an independent, full-service multi-family office headquartered in Richmond, VA, has announced that they have acquired Mangham Associates, a privately-held investment partner to foundations, endowments and select families based in Charlottesville, Virginia.
The transaction is expected to close in the fourth quarter of 2023, subject to customary approvals and closing conditions, at which time Mangham Associates will operate as Heritage Wealth Advisors.
“We’re delighted to welcome Mangham Associates, its founder and CEO Joel Mangham, and members of the team to Heritage,” said Dee Ann Remo, Founder and CEO of Heritage Wealth Advisors. “Joel and his firm have a long history of serving well-known institutions, non-profits, and families and we believe this fusion will bring an even higher level of enhanced and complementary services to our shared clients.”
Heritage Wealth Advisors, founded in 2005, is one of the region’s most experienced and established multi-family offices managing $3.2 billion. The firm specializes in helping its clients navigate the complexities of wealth to achieve personal, family, and business objectives while building lasting legacies.
With Managham Associates, Heritage will manage nearly $4 billion in assets and provide advice and investment solutions across public and private markets.
“Both of our companies have experienced significant organic growth over the years, and this combination allows us to further provide a high level of service to families and institutions, cementing their trust in us to deliver sophisticated advice and innovative investment solutions,” said Remo.
Joel Mangham, who will remain as a managing director in the combined firm, adds that, “leveraging Heritage’s multi-family office approach, expertise, infrastructure, and resources will strengthen the Mangham Associates platform and enable a more holistic approach, allowing us to better serve our clients as we continue to do what we do best.”
“Our comprehensive in-house financial solutions will complement Mangham’s strong institutional expertise,” said Remo. “Heritage provides solutions beyond private and direct investments including tax planning and strategy, risk assessment, generational wealth planning, trust services, private banking, and family governance.”
All clients will benefit from Heritage’s sophisticated partnerships and technology and robust middle and back-office support. Heritage will remain a 100% independently owned, fiduciary-driven firm with offices in Richmond and Charlottesville, Virginia, and Pittsburgh, Pennsylvania.