Piedmont Investment Advisors has acquired institutional money manager NCM Capital Management, said Piedmont spokesman David Savino.
Terms of the deal were not disclosed. It is expected to close by the end of September.
NCM manages about $470 million in assets — $425 million in three fixed-income strategies and $45 million in two equity strategies.
As part of the agreement, the NCM investment team will join Piedmont. Maceo K. Sloan, NCM's chairman and CEO, will not have a role in Piedmont's day-to-day operations but has agreed to serve as an adviser to the firm. With the addition of NCM, Piedmont will have more than $1 billion in fixed-income assets under management.
“NCM Capital is a firm we have known well for many years. They have a strong portfolio management team and their bond expertise is a great fit with our existing team,” said Isaac H. Green, founder, president and CEO of Piedmont, in a news release. “This will give us a deeper bench in fixed income, as well as the capability to add new products going forward, particularly in high yield.”
Piedmont specializes in equity and fixed-income management with about $5.8 billion in AUM.