In its first major acquisition, Chattanooga's third biggest wealth management firm will acquire an Atlanta registered investment advisory company next month to boost its assets under management to more than $700 million.
Patton Albertson & Miller, which began in Macon, Georgia 16 years ago and later expanded and then relocated its headquarters to Chattanooga, announced Tuesday it has acquired Anthony Smith Advisors in Atlanta. The acquisition will combine the 10-employee Anthony Smith firm in Atlanta, which has seven investment advisors, with the 13 employees of Patton Albertson, eight of whom are investment advisors.
"The combination will allow both firms to continue our mission of providing the very best in wealth management and trust services," said Jimmy Patton, the firm's founder and CEO. "This agreement provides both firms with additional capabilities and deeper talent that benefits our clients."
Patton Albertson & Miller is a fee-only financial life management firm that moved its headquarters to Chattanooga in 2015, three years after first opening an office here and in Atlanta. The firm was founded in 2003 by Jimmy Patton, Marc Albertson and Bill Miller. Miller has since retired.
Anthony Smith Advisors began in 1994 and has provided wealth management services in Atlanta for nearly 25 years.
"Through this partnership with Patton Albertson & Miller, our team will be able to better serve our clients through a broader menu of services," said Smith, who will assume leadership of the Atlanta offices which will eventually be consolidated into a single office.
Patton said his brings new trust and fiduciary services to Anthony Smith.
"They certainly bring a wider presence in the Atlanta market for us and more talent and bench strength for our company," said Patton, who said the merger is scheduled to close on April 1.
Patton Albertson serves primarily individuals and families with $1 million or more in assets, although the company does serve smaller investor as well as institutional customers with 401(k) and other employee benefit plans.
Patton, a former SunTrust Bank manager for 22 years, left his role as market president for SunTrust in Middle Georgia and founded the wealth management firm in Macon in 2003. The firm has grown to about $480 million in assets under management, making the company the third biggest registered investment advisory firm headquartered in Chattanooga behind only Pointer Management and Patten and Patten.
Patton said the firm opened it office in Chattanooga to both serve a wider part of the Southeast and to take advantage of Tennessee's more favorable trust laws. The company is based in the Liberty Tower downtown where its headquarters will remain after the merger.
"The registered investment advisory industry has almost been like a cottage industry with a lot of very small firms, but I do see some advantages of scale and size and we are looking for additional acquisitions in any of the three markets where we now operate," Patton said. "We'd like to have a presence across the Southeast so we are continually looking for additional acquisitions in any of the states contiguous to Georgia and Tennessee."
Contact Dave Flessner at dflessner@timesfreepress.com or at 757-6340