TMI has announced a planned merger with US-based independent fiduciary wealth management firm Argent Financial Group.
Headquartered in Ruston, Louisiana, Argent Financial offers wealth management services to individuals, families, businesses and institutions.
The services include investment management, retirement plan consulting and administration, trusts and estate planning, employee stock ownership plans (ESOPs), funeral and cemetery trusts, charitable organization administration, oil and gas (mineral) management and other unique financial services.
Argent Financial caters to customers in all 50 US states from its 35 markets across 12 Southern states.
Argent Financial Group CEO Kyle McDonald said: “Argent and TMI’s management teams have a long-running relationship. We are pleased to welcome TMI to the Argent family.
“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.”
Through the merger with TMI, Argent Financial will have responsibility for over $65bn in client assets and three million mineral acres.
Upon the completion of the proposed merger, the fiduciary wealth management firm‘s headcount will expand to 425 professionals.
TMI’s main entity, TMI Trust, has several business lines focused on institutional trusts, corporate trusts, custody and related services.
Salem Trust, which is operating as a business division within TMI Trust, offers retirement plan custody services.
TMI executive chairman Tony Guthrie said: “We are excited to formally establish this partnership with Argent.
“Having personally known Kyle and others in Argent’s leadership for many years, this was an easy decision. We believe this merger provides additional depth in services and resources available for clients of both companies.”
The proposed merger is subject to pending approval from regulatory authorities and TMI stockholders.
