CityWire – Procyon acquires $500m Michigan RIA
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Procyon acquires $500m Michigan RIA
Connecticut RIA Procyon revealed one of its largest deals to date on Monday, as the firm continues to scale up since selling a stake to Constellation Wealth Capital (CWC) earlier this year.
Procyon’s deal brings aboard OLV Investment Group, a Flint, Mich.-based RIA overseeing roughly $500m in client assets. Specific financial terms of the deal were not disclosed.
Procyon said the addition expands its presence across the Midwest and South, as OLV has several outposts across Michigan and Texas. OLV is led by chief executive Tim Tenneriello, who joined the RIA in 2024 after serving as COO of a charter school support services firm, per his LinkedIn.
OLV is a 20-person firm with roughly 2,300 clients, including nearly 200 pension plans and 35 corporations, per its last Form ADV filing in March. The RIA is co-owned by Tenneriello, chief investment officer Jesse Vanvalin and chief legal officer Joel Lagore.
‘By joining forces with OLV, we are extending the reach of our platform to new regions and clients with evolving financial needs,’ Procyon chief executive Phil Fiore stated. ‘This is about applying what we’ve built to serve a wider audience, without ever losing the personal touch that defines us.’
Procyon said the deal brings its overall headcount to around 80 employees and boosts its total assets to roughly $9bn.
Procyon, which is part of the Dynasty Financial Partners network of RIAs, has made a number of changes this year to supplement its growth.
Most prominently, CWC took a minority stake in the RIA in April after Procyon began a search for a minority investor late last year. In July, Procyon bought a fellow Connecticut firm, Wooster Corthell Wealth Management, that oversaw $600m in assets.
On the personnel side, Procyon tapped ex-Osaic compliance executive Todd Smallwood as CCO late last month. Fiore said at the time that specialized leaders like Smallwood are necessary to sustain Procyon’s growth. Dynasty alum Gabby Payne was also brought on as chief administrative officer in August, per her LinkedIn.
Shelton-based Procyon said it operates outposts in New York City, Long Island and Maryland, along with its new expansion efforts in Michigan and Texas.