Argent Financial Group, the regional wealth management firm that has a number of its senior executives based in Nashville, has signed a deal to acquire Heritage Trust, an Oklahoma City trust bank founded 17 years ago. The combined firm manages more than $10 billion in financial assets and more than $2 million in mineral assets.
Peter Scully, a former leader of Private Business, is in the process of relocating to Nashville an Atlanta company that has built a platform to handle sales of stock in community banks not listed on a stock exchange. Milt Capps at Venture Nashville reports that Scully took over at Community Bank List — the company's brand will soon migrate to BancList — about a year ago and is planning to raise $1 million in capital as he seeks to grow the company's bank customer list more than fourfold this year.
All transactions that result between buyer and seller are direct, with no involvement by BancList, and each must be cleared by the bank that issued the shares. And, all bank shareholders who wish to receive such alerts are advised of shares being proffered, as part of compliance with fair disclosure regulations. BancList's platform thus helps banks' management teams mitigate regulatory-compliance risks.
Local public health care companies Acadia Healthcare and Diversicare have new 5 percent owners, per recent Securities and Exchange Commission filings. First up, the investment arm of financial giant JPMorgan Chase says it has grown its stake in Acadia Healthcare by more than half over the past year. The company — which in early 2014 said it had sold off some of its holdings — now owns 5.7 percent of Franklin-based Acadia.
Also filing papers recently with regulators was San Francisco-based Osmium Partners, which focuses on small-cap value stocks. Its managers said last week they now own 5.1 percent of skilled nursing services provider Diversicare. Founded in 2002, Osmium manages about $130 million. Last month, a West Virginia company said it also has amassed a 5 percent Diversicare stake.
The Nashville Area ETF run by downtown-based LocalShares last week sold another block of 50,000 shares to investors. The sale comes five months after the most recent one and brings to 350,000 the number of shares outstanding, lifting the ETF's market value to almost $11 million.
The fund (Ticker: NASH) started life in the summer of 2013 with about $6 million in assets and has since steadily outperformed the Standard & Poor's 500 Index, returning 17 percent last year versus 14 percent for the benchmark index. Below is a full breakdown of its holdings as of Dec. 18.
Investment management titan BlackRock has filed papers showing it owned 12.3 percent of newly public Symmetry Surgical as of Dec. 31. That makes the firm the largest owner of Symmetry Surgical on record; hedge fund Moab Capital has declared a 9 percent stake and said it wants to get a seat (or two) at the board table. Shares of Symmetry Surgical (Ticker: SSRG) are down slightly since coming to market in early December.
The Private Client Reserve Group of U.S. Bank has recruited veteran Music Row executive John Briggs to its team. MusicRow.com reports Briggs, who spent a quarter of a century at ASCAP before launching his own firm in 2010, will look to build a team to go after business in Music City's entertainment industry.
“We are thrilled that John has chosen to join our team in the Entertainment & Pro-Sports Group. While John brings with him a vast network of industry professionals, he also brings an extensive 25-year history of managing domestic and international royalty collections across all genres of music, television and film. That deep industry knowledge will be very valuable to both our team, as well as our new and existing clients,” said J. Steven Cook, regional market leader for The Private Client Reserve.
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