Subject to approvals from regulators and stockholders, the deal means that Argent will oversee more than $65 billion in client assets.
Atlanta-based TMI Holdings announced yesterday that it intends to merge with Argent Financial Group, the largest independent fiduciary wealth management company in the South of the US.
The deal – the financial terms of which were not disclosed – is subject to clearance from regulatory authorities and TMI stockholders, Argent and TMI said in a statement.
With this merger, Argent will oversee more than $65 billion in client assets and three million mineral acres (relating to energy and associated assets); the company’s headcount will grow to 425 professionals operating 44 offices across 38 markets in 15 states.
The deal is an example of the kind of M&A activity that, as this news service has noted, remains busy in the North American market. Rising compliance costs, client demands and complexity of needs all drive requirements for economies of scale.
“TMI’s approach to institutional services and family wealth management aligns effortlessly with our business philosophy and, like Argent’s, TMI’s clients are accustomed to a high level of personal service. This is a win for both of our companies and, most importantly, our clients,” Argent Financial Group CEO Kyle McDonald, said.
TMI’s flagship entity, TMI Trust Company, focuses on areas such as institutional trusts, corporate trusts, custody, and related services. Salem Trust Company, operating as a business line inside TMI Trust, provides retirement plan custody services.
With this merger Argent also announced the assimilation of TMI officers: Tony Guthrie will join Argent Financial Group as president and will remain executive chairman of TMI Trust. Chris Teevan, TMI’s chief operating officer, will be named Argent’s chief operating officer. TMI’s chief strategy officer, Chris Pitrof, will be named Argent’s chief strategy officer. The management of TMI Trust and its operating businesses will remain fully in place post-merger under the leadership of TMI Trust CEO Steve Eason, Argent said.
Argent, which is headquartered in Ruston, Louisiana, was formed in 1990 and traces its roots back to 1930. TMI Trust was founded in 1954 as a Texas chartered trust company and is now based in Tampa, Florida as a Florida trust company.