Durham-based Piedmont Investment Advisors has agreed to acquire rival investment firm NCM Capital for an undisclosed sum.
Piedmont has committed to absorb NCM’s four-member investment team, and its head of operations following the takeover.
Maceo Sloan, the founder, chairman and CEO of NCM, will stay in an advisory capacity. However, Piedmont has not taken any decisions about the rest of the employees of NCM.
The transaction is anticipated to be wrapped up by the end of September 2016.
NCM oversees nearly $470m, which include $425m in fixed-income strategies and $45m in equity strategies.
Piedmont focuses in equity and fixed income investments, and manages $5.8bn in assets.
In 2015, Piedmont was asked to oversee $3bn in investments for North Carolina’s state pension fund, which more than doubled Piedmont’s assets under management.