Two wealth management firms have agreed to merge, broadening their combined geographical reach and bolstering assets under management to $4.3 billion.

Highland Capital Management, based in Memphis, TN, is set to merge with
Argent Financial Group of Ruston, LA.

Argent’s portfolio managers are expected to join Highland this year as the firms merge portfolio management resources under the Highland Capital brand. This team will oversee all portfolio management functions of the combined firms.

Highland manages equity and fixed income portfolios for clients in the private, corporate and public sectors. It is led by Steve Wishnia as president and will keep its name, while Wishnia is joining Argent’s board of directors.

Argent’s other subsidiaries will keep doing business under their current names. The firm has a number of subsidiaries: Argent Trust Company of Louisiana; Argent Trust Company of Tennessee; Argent Advisors; Argent Property Services; Argent Fiduciary Consulting Services and Argent Sector Capital Management.

More portfolio management services

By adding Highland’s portfolio management experience Argent can offer trust and retirement plan administration, comprehensive investment management, and mineral (oil and gas) wealth management, it said.

“We look forward to working with Steve and his team to provide customized wealth management services to existing and new clients," said Kyle McDonald, founder and chief executive of Argent Financial Group.