Consolidation in the RIA industry took another significant step forward with the merger of Argent Financial Group Inc. and Highland Capital Management LLC.
The combined firms manage assets of over $4.3 billion. Highland manages equity and fixed income portfolios for individuals, institutions, and businesses.
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Argent will move its six portfolio managers to Highland to handle portfolio management for the combined firms.
Argent was originally called the Trust Company of Louisiana and is located in Ruston, LA.
Highland, located in Memphis, TN, will keep its name and its president, Steve Wishnia, will join Argent’s Board of Directors.
As more firms merge, the importance and effectiveness of the independent RIA industry will grow.
The industry has a unique opportunity to address the needs of the significantly wealthy, offering family offices real competition or aligning RIAs as critical wealth management partners