Cool Springs money manager Dave Crouch has recruited financial executive and former Williamson County Schools board member Cherie Hammond to help him build Aspen Grove Asset Management, the eight-year-old firm that manages about $65 million. Hammond, who is married to media entrepreneur Dan Hammond, also challenged Glen Casada in last year's election for the state House District 63 seat.
As an alternative to product-based financial advisors, Crouch has built the firm’s reputation on intensive management of personally selected individual securities portfolios. Although Hammond will focus on business development in the short term, she plans to earn her Series 7 and Series 66 licenses and become an Investment Advisor Representative within the year.
The state's No. 2 investment manager is departing to lead Maryland's pension fund system. Pensions & Investments reports that Andrew Palmer, deputy chief investment officer at the Tennessee Consolidated Retirement System, has been named CIO of the slightly larger Maryland State Retirement & Pension System. Palmer has worked for the state since 2006, when he joined as director of fixed income investing from Washington, D.C.-based firm ASB Capital Management.
Getahn Ward at The Tennessean reports that UBS is close to committing to 30,000 square feet in One Franklin Park, which already has snagged some other big names. The global financial giant, which has been busy building up its downtown operations center, will install some back-office workers in Cool Springs and also open a wealth management office that could grow to 28 people. Read more here.
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.
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