The merger of South Carolina wealth management firm Nachman Norwood and Parrott (NNP) with North Carolina-based investment company CAPTRUST will be a good, competitive fit going forward, an NNP partner said.
Joining forces will enable NNP to better serve its clients in the investment industry, NNP Wealth Management Partner Bob Nachman said in a release from CAPTRUST announcing the merger.
"In order to compete in the future, wealth management companies will need to deliver the highest level of service and advice," Nachman said. "Even as one of the largest firms in South Carolina, we knew we would need access to even greater tools and resources to continue to provide an outstanding client experience. Joining CAPTRUST will allow our team to relinquish operational duties and focus our time and energy on our core competency of taking care of clients and delivering sound financial advice."
As has been the practice with previous firms that have joined CAPTRUST, NNP will transition to the CAPTRUST name and brand, CAPTRUST said in the release.
"Our model of fully integrating firms, rather than just investing in them, means that we need to be that much more selective in ensuring a strong cultural fit and desire to emulate our mission of serving our clients, colleagues and communities," CAPTRUST Co-founder and CEO J. Fielding Miller said in the release.
CAPTRUST, an institutional and private investment company founded in 1997 and based in Raleigh, N.C., has more than 50 locations nationwide. For the past 15 years, the company has been ferreting out firms to provide additional talent, including many former CEOs, as well as new services such as tax consulting and estate planning, Miller said.
Nachman Norwood and Parrott Wealth Management, based in Greenville, South Carolina, is now the 50th group to join with CAPTRUST since 2006, the 12th in the past two years, and the fifth to come on board this year alone, CAPTRUST said in the release.
The merger of Nachman Norwood and Parrott with CAPTRUST will add more than $2.1 billion in assets under management, the latter company said.