Pinnacle hires chairman for Knoxville group

Exec retired as BB&T state president last year
Jul 15, 2014 7:25 AM

Big jury verdict for Zander in ESOP case

Zander Insurance Group has been awarded nearly $8 million in District Court, where it had accused a division of Indiana-based accounting firm Katz Sapper & Miller LLP of negligence, misrepresentation and breaching its fiduciary duty when it advised the local company during its conversion to an employee stock ownership plan. Katz Sapper & Miller's leaders plan to appeal the jury verdict to the Sixth Circuit Court of Appeals.

The damages should help to offset the loss Zander incurred since there was no way to adjust the final sales price, Zander said. “I’m appreciative of the jury and the judge for the way it was handled,” he said. “It was a complicated case and they took the time to listen to the details the entire time.”

Jul 14, 2014 7:08 AM

State revenues slump in June

As the state’s budget year nears an end, tax collections are nearly $289.9 million in the hole following another month of revenues falling below expectations.

Revenues collected by the state for the last 11 months have largely come in below budget, leaving state government with a weak financial tax base struggling largely from an unexpected drop in business taxes.

“June collections recorded stronger than anticipated sales tax growth, but continued to reflect weaker than anticipated collections from the corporate sector,” state Finance and Administration Commissioner Larry Martin (pictured) said in a statement Friday. “We continue to believe the recent up-tick in retail activity is an indication of renewed consumer confidence, and an economy slowly on the mend.”

Sales taxes posted a $13.5 million gain in June, a figure that is 2.2 percent more than the state budgeted. Sales taxes make up the bulk of the state’s revenue used to support state departments and services. While sales tax collections are up nearly 3.6 percent year-to-date, sales taxes hover $15.5 million below expectations for the budget year.

But the big drop throughout the year has come from the state’s franchise and excise tax collections, which combined fell $54 million short of expectations last month, 14 percent below budget. Year-to-date, the state collections are $278 million less than expected.

Tax collections on tobacco, motor vehicle title and registration, business, inheritance and estate, privilege, gross receipts, severance taxes and alcoholic beverages all fell short of expectations in June, according to the state.

Taxes on income, gasoline, mixed drinks, motor vehicle fuel and coin-operated amusement were up in the last month, with marginal increases in tax collections on purchases of beer and petroleum.

In total, the state collected $5.3 million more last June than it did last month.

Year to date, the state has collected .1 percent more than it did last year, but leaving state coffers collectively below budgeted estimates by $289.9 million, or 2.6 percent.

Jul 11, 2014 4:04 PM

Captive insurer manager opens local office

USA Risk Group, a Vermont-based manager of captive insurance companies, has opened a Nashville office. The company was part of the 2011 Tennessee legislative effort that resulted in a new captive insurance bill.

Jul 11, 2014 8:45 AM

Lockton recruits Willis SVP

Exec was president of Direct General for almost three years
Jul 11, 2014 7:21 AM

Benefits broker spins out HR group

Sera Business Advisors starts life with 30+ clients
Jul 10, 2014 12:24 PM

Compass EMP launches three more ETFs

Brentwood-based investment management firm Compass EMP last week launched three exchange-traded funds that are plays on volatility. The new products take the total number of Compass ETFs and mutual funds to 21. Check out more info here.

Jul 9, 2014 12:34 PM

Healthways drops E&Y after more than a decade

Fellow Big Four firm beats out incumbent, two others
Jul 9, 2014 7:00 AM

Wealth Access picks up the pace

The team at investment reporting platform developer Wealth Access says it now aggregates $7 billion in assets for clients and is adding $600 million a month, more than double its 2013 growth pace. The Nashville-based company this spring wrapped up a funding round that pushed its total amount of money raised to more than $3 million.

“Next generation investors bring a different mindset and expectation to wealth management that has multiple technology touch points,” said Benskin. “Wealth Access, with its aggregation capabilities, multi-generational wealth views and collaboration platform can be the ideal solution for advisors looking to better serve their HNW clients and help them educate their children as to what they own, where their wealth is located, and how it all works together in one easy to understand view.”

Jul 9, 2014 6:44 AM

'There were relatively few title changes for an acquisition of this size'

Franklin Synergy's Richard Herrington discusses merger with MidSouth Bank
Jul 3, 2014 10:28 AM