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Yes, but only if you do not take a magical standard.
Indeed, he can take any magic items + Virtue up to the 50pts limit.
OR he can take any Virtue of up to 50pts, AND a magic banner (no pt limit) BUT NO other magic items.
He MUST take a Horse, but may noy have any other mundane Wargear. However note if you go with option 1, he may take magical Lance/Shields.