RUSTON, La. — Argent Financial Group has acquired a public funds custody business representing approximately 42 relationships and more than $19 billion in assets under administration, expanding the Ruston-based financial services company’s institutional business and establishing its first presence in Greater Boston.
The transaction was completed through Argent subsidiaries Argent Trust Company and Argent Institutional Trust Company.
The acquired business will report to Luke McCabe, president of Argent’s custody division. Argent Trust Company’s office in North Andover, Massachusetts, gives the company its first location in the Greater Boston market.
Argent said existing clients will continue working under the same operating procedures and service model during the transition.
“Today marks an important milestone in Argent’s growth strategy and our commitment to the public funds and endowment marketplaces,” McCabe said. “The new team reflects Argent’s focus on service, integrity, and expertise that define our culture.”
The acquisition builds on Argent’s expansion in the municipal and governmental plan market. The company said it has been awarded nearly 50 new custody mandates over the past 12 months from public funds, pension plans and related institutional clients.
“This transaction significantly expands our platform as an independent custodian to institutional investors,” Argent Financial Group CEO Kyle McDonald said. “We’re pleased to welcome this team, and we look forward to continuing to serve public plans, municipalities, and educational and governmental institutions with the specialized custody solutions they expect.”
The company said the transaction is part of a broader strategy to expand its custody, trustee, escrow and institutional services.
Argent Financial Group was founded in 1990 in Ruston and traces its roots to 1930. The company provides wealth management, asset management and asset servicing to individuals, families, businesses and institutions and is responsible for more than $180 billion in client assets.