Procyon, an independent registered investment advisory firm headquartered in Shelton, Connecticut, said it has acquired OLV Investment Group, a wealth management firm with multiple locations in Michigan and Texas. Procyon said the transaction adds approximately $500 million in assets under management, extends the firm’s geographic reach into the Midwest and South, and brings seven financial advisors and 13 additional team members onto Procyon’s platform.
The firm said the addition lifts Procyon’s total assets under management to nearly $9 billion and increases total headcount to almost 80. Procyon described the acquisition as its largest to date. The deal aligns with its longer-term objective of expanding access to an integrated wealth management model across the United States while maintaining a team-based approach to client service.
Procyon indicated that OLV’s advisors and support staff are known for a planning-oriented approach that emphasizes transparency and education. The combined organization will continue providing tailored advice while leveraging Procyon’s operational scale, centralized support, and technology.
The acquisition also expands Procyon’s office footprint, which the firm said includes New York City, Long Island, Maryland, and now Michigan and Texas. Procyon said it serves both private clients and institutions. On the private client side, the firm said its services include investment management, financial planning, tax strategy, estate planning coordination, and business-owner advisory. For institutions, Procyon said it helps companies design and manage retirement and health plans and provides participant education focused on long-term financial wellness.
Procyon also noted it is part of the Dynasty Financial Partners Network of independent wealth management firms.
KEY QUOTES:
“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,”
Phil Fiore, Chief Executive Officer, Procyon
“We’re proud of the business we’ve built and the trust we’ve earned from clients over the years. In Procyon, we’ve found a partner that shares our values and enhances our ability to grow alongside our clients.”
Tim Tenneriello, CEO, OLV Investment Group
