![]() He said some clients also are looking to simplify things after all the changes. ![]() “We want to build something consistent that’s generational for clients.” “There’s been so much change, so many acquisitions, so many name changes,” Ellington said. Wallace said their client base is heavily concentrated in Richmond and people from Richmond who may have moved elsewhere.Įllington said the wealth management industry is in a state of flux and in some cases disjointed due to years of mergers and acquisitions. The firm represents generally high net-worth clients, including families, individuals, business owners, trusts and foundations. “It’s a lot like that because there was a lot of magic and chemistry,” he said. With Antrim un-retiring to rejoin the group, Ellington said they’ve joked that it’s a bit like getting the band back together. “We’re pushing all in and we’re hoping we can make this work,” he said. “It was either stay the course until retirement or take an opportunity to get back to even more of an entrepreneurial leap. ![]() “We were kind of in an entrepreneurial setting,” at Middleburg, said Wallace, 50. It set up a headquarters at 2235 Staples Mill Road, across from Libbie Mill Midtown.Īs to their decision to leave AUB, Wallace said he and his group had longed to get back to smaller confines like they experienced at Middleburg. The young firm already has around $100 million in assets under management. Dover Advisors launched thereafter on Aug. With Ellington piecing the firm together on the outside, Wallace, Abbe and Young ultimately resigned from AUB in mid-August. Antrim has come out of retirement for the new venture. “We had worked together and I knew they had this team that had been servicing this group of clients for 25 years,” Ellington said.Īlso joining them is John Mason Antrim, who was Wallace, Abbey and Gregory’s former boss as the longtime head at Tredegar Trust and Middleburg Trust, before retiring in 2020. In addition to their loyalty for each other, the group also had loyal clients that had stuck with them through the various moves and name changes. That trio had all been together for years at Tredegar Trust Co., which then became Middleburg Trust Co., and then was acquired by Access National Bank in 2017 and then Atlantic Union in 2019. “The timing was right.”Īll he needed was a team, and he found just the right group within his ranks at AUB in Maxwell Wallace, Ned Abbe and Tracy Gregory. It’s always been my goal to have an investment advisory firm,” he said. He also built and led its registered investment advisor division, which AUB sold earlier this year to another local firm.Īt age 59, Ellington has been in the business for 37 years and said he long dreamed of starting his own firm. The new firm is led by President Jess Ellington, who until April was AUB’s chief investment officer.Įllington led the Richmond-based bank’s trust and asset management unit, which handles more than $2 billion in client assets. And their old boss and more recent boss have joined them.ĭover Advisors was launched in August by a foursome who all left Atlantic Union Bank’s wealth management division. ( Photos courtesy of Dover Advisors)Īfter sticking together through various mergers and acquisitions, a local investment advisory group has left the big bank they were working for and struck out on their own. The Dover Advisors team consists of, left to right in back, Jess Ellington, Tracy Gregory and John Mason Antrim, and left to right in front, Max Wallace and Ned Abbe.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |