Executives of Argent Financial Group are considering whether to move some assets and investment staff to Sector Capital Management nearly three weeks after Argent acquired the money management firm.
Terms of the deal, which closed March 31, were not disclosed. Sector manages $100 million in domestic and international equities.
Executives at Argent, which has $1.1 billion in total discretionary assets under management with three money management units, expect to make a decision on the Sector moves in the next “several days,” said D. Kyle McDonald, Argent president and CEO. “We are still … trying to determine the best corporate structure.”
Sector will continue to operate under its current leadership as a separate firm. William L. Gurner will continue as CEO; he formed Sector Capital after leaving Memphis, Tenn.-based Federal Express Corp. (now FedEx Corp.) in 1994, where he was manager-trust investments, overseeing its pension fund investments. Also staying with Sector are Reed D. Walters, president and chief investment officer; Ken Riffle, managing director; and Gail Gunter, senior analyst and trader.
Argent also intends to continue to operate its other three money management firms as separate units, Mr. McDonald said. They are National Independent Trust, which manages $750 million; Argent Advisors, $300 million; and Argent Trust, $50 million. All manage equities and fixed income.
