Cartter Patten, left, and Bryan PattenChattanooga’s oldest investment advisory firm is splitting up.
Bryan and Cartter Patten, the 73-year-old twin brothers who formed Patten and Patten Inc. in 1976, signed an agreement Monday to go their separate ways in what both called a friendly separation within the family.
Cartter Patten is joining with his daughter Ashlee – both chartered financial analysts and portfolio managers at Patten and Patten – to start the Patten Group Inc. The new investment firm will be housed in the third floor of the Volunteer Building next to one of the offices of U.S. Sen. Bob Corker, R-Tenn.
The other four portfolio managers and CFAs at Patten and Patten Inc. – Bryan Patten, Frank “Mickey” Robbins, Raymond Ryan, J. Clay Crumbliss and Mark Fleck – will stay at Patten and Patten, which is on Lookout Street across from the corporate headquarters of the Unum Group.
At the end of 2013, Patten and Patten has $1.35 billion under management, Cartter Patten said.