Radnor, PA-based NewSpring Holdings, a private equity investment company, is to acquire Wealthcare Capital Management, based in Richmond, VA.

Radnor, PA-based

NewSpring Holdings, a private equity investment company, is to acquire Wealthcare Capital Management, according to a statement from the latter firm.

Wealthcare, which specializes in wealth management technology and advisory services, will run as a stand-alone company out of its existing headquarters in Richmond, VA. In its partnership with NewSpring, the firm will retain its core group of employees, operational structure and wealth management services.

As a result of the partnership, David Loeper, founder, chairman and chief executive of Wealthcare, has announced his retirement. Michael Ashker, founder of digital insurance agency Healthaxis, will replace Loeper in his role as CEO of the company.

Meanwhile, effective upon closing (expected in December 2013) Len Reinhart will become the executive chairman of the newly-combined company. Reinhart, a board director at Wealthcare, was formerly president of Smith Barney’s consulting group.

Founded in 1999, Wealthcare is a registered investment advisor which oversees some $800 million in assets under management.