By David Mildenberg and Wil Speir
It’s been another great year to manage money for the wealthy, which is the core business of North Carolina’s major investment advisers. Our annual listing includes 29 North Carolina–based institutions that oversee at least $1.2 billion in assets, based on required annual federal filings.
Twenty-four managers on the list reported more assets under management than a year earlier, including four that had gains topping 20%. That was slightly less impressive than a year earlier, when 26 of 30 showed gains, with at least eight adding 20%.
Gains stem from the rising stock market, along with acquisitions of other firms and customer pickups. Most indices were trading at or near record high levels as of mid-May, amid lots of tumult over the past few months.
The list doesn’t include large asset managers based in other states, such as Fidelity, Morgan Stanley and Vanguard. Our goal is to spotlight some local folks, many of whom have outstanding track records while receiving little publicity. Eighteen companies are based in Charlotte, while seven hail from the Triangle.
Raleigh’s Captrust again tops the list, aided by an aggressive acquisition strategy. Its assets under management gained 27%, better than anyone except Chapel Hill-based Delegate Advisors, which grew by 46%.
One firm reported a sharp decline in assets under management. Greensboro-based Smith, Salley & Associates walked away from its only institutional client, which had provided lots of assets, but limited revenue, CEO Scott Batchelor says. “Our focus is on individuals,” he says. ■
