Wealth management firm Argent Financial Group has acquired public funds custody accounts with approximately 42 custody relationships and more than US$19 billion in assets under administration (AUM).
The acquisition was completed through Argent Financial Group’s subsidiaries, Argent Trust Company (ATC) and Argent Insitutional Trust Company (AITC).
In a press release, the firm assures clients of a seamless transition, with no changes to operating procedures or the existing service model. It describes the move as a strengthening of its position as an independent custodian for public-sector, governmental, and institutional investors. The acquisition is one of 50 new custody mandates the firm has won from public funds, pension plans, and similar institutional clients in the past 12 months.
