The latest deals and transactions in and around the North American wealth management sector. 

TMI Holdings, Argent Financial Group
Atlanta-based TMI Holdings confirmed this week that it has received the required approvals and has completed its merger with Argent Financial Group, an independent fiduciary wealth management company based in Louisiana.

TMI Trust Company will now operate as a wholly owned subsidiary of Argent under its new name Argent Institutional Trust Company, the firm said in a statement. The deal was first announced in May. See here. 

“This merger provides additional depth in services and resources available for our clients,” TMI executive chairman, Tony Guthrie, said. With this transaction, Argent now has responsibility for more than $65 billion in client assets and three million mineral acres, securing its position as a large independent fiduciary wealth management firm in the south of the US.

“The addition of TMI’s broad institutional capabilities and expertise to our already strong slate of wealth management services further strengthens and deepens the numerous ways in which we can serve the custody, investing and planning needs of all manner of investors, from individuals and families to large private, public, and non-profit organizations,” Argent Financial Group CEO, Kyle McDonald, added. 

Guthrie, who is joining Argent Financial Group as president, will remain executive chairman of Argent Institutional Trust Company. Chris Teevan, TMI’s chief operating officer, has been named Argent’s chief operating officer. TMI’s chief strategy officer, Chris Pitrof, has been named Argent’s chief strategy officer. The management of Argent Institutional Trust Company and its operating businesses will remain fully in place post-merger under the leadership of TMI Trust CEO Steve Eason.

Argent Financial Group and TMI Holdings were advised by Berkshire Global Advisors. Berkshire provided advisory services to the board of directors of Argent Financial and advisory services and a fairness opinion to the board of directors of TMI Holdings. The law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC served as legal advisor for Argent Financial Group.