BB&T Asset Management will acquire Virginia Investment Counselors, said Katherine Willis, portfolio manager and partner of Viriginia Investment Counselors. Terms were not disclosed.
Virginia Investment Counselors will operate as an independent subsidiary of BB&T and will retain its name, Ms. Willis said. Virginia manages $1.2 billion, 21% from retirement plans and 10% from foundations and endowments. BB&T manages $16 billion, 40% to 50% from institutional investors, said Becky Cardoman, vice president-trust marketing and sales manager.
