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Sunday, April 21, 2024

Asheville’s Parsec Financial sells to New Jersey wealth manager

Asheville-based Parsec Financial, one of the state’s biggest wealth management companies, was acquired last week by Modera Wealth Management of Westwood, New Jersey. Terms weren’t disclosed.

The move adds $3.8 billion and six North Carolina offices to Modera, which now has $10.5 billion in assets, according to the wealthmanagement.com website.

The two companies have about 180 employees and 14 offices from Massachusetts to Florida. Parsec has 75 employees, including 24 equity owners.

Parsec ranked 12th in Business North Carolina’s rankings of largest wealth managers based in the state in 2022 with $4.2 billion, according to a government filing. Bart Boyer started the firm in 1980 and retired as CEO in 2012 and board chair in 2020. It added offices in Charlotte, Southern Pines, Tryon and Winston-Salem.

Parsec CEO Rick Manske has become chief growth officer of the combined firm, while Chief Investment Officer Bill Hansen is now co-CIO. Parsec COO Harli Palme remains in that position. Manske, who joined Parsec in 1996 and Palme are on Modera’s board.

“Modera and Parsec have long shared a common set of core values that differentiate us from other wealth management firms,” Modera CEO Tom Orecchio said in a statement. “We believe that the increased scale, resources and talent resulting from the combination of our firms will serve to enhance that commitment as we continue to elevate the depth and sophistication of our services.”

Modera sold a minority stake in the firm to Tria Capital Partners in 2021, but remains majority owned and controlled by the firm’s employees.

David Mildenberg
David Mildenberg
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.

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