Urge to merge: Two RIAs plan to combine

Urge to merge: Two RIAs plan to combine
Argent Financial, Highland Capital will have combined $4.3 billion in assets.
JAN 28, 2013
By  AOSTERLAND
Registered investment advisers Argent Financial Group Inc. and Highland Capital Management LLC have agreed to merge. The two firms — the first based in Ruston, La., and the second in Memphis Tenn., manage more than $4.3 billion in assets between them. Argent, the larger of the two, did not disclose terms of the deal. Highland, which will retain its name, manages equity and fixed-income portfolios for individuals, businesses and institutions. The firm's president, Steve Wishnia, will join Argent's board of directors. Argent plans to move its portfolio managers over to Highland and designate the expanded Highland team — currently six people — to handle portfolio management for the combined firm. “Combining resources with Steve Wishnia and the team at Highland Capital offers our growing client base access to additional portfolio management expertise,” Kyle McDonald, founder and chief executive of Argent, said in a statement. Argent, originally named the Trust Co. of Louisiana, was formed as a subsidiary of Heritage Financial Corp. in 1990. It provides a wide range of wealth management services to individuals and businesses in the mid-South. “Highland will now have access to a much broader geographic presence to deliver portfolio management services,” Mr. Wishnia said in the same statement.

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.