BILLIONS CLUB: LARGEST REGISTERED INVESTMENT AND MUTUAL FUND ADVISERS BASED IN N.C.

ASSETS UNDER MANAGEMENT AS OF DEC. 31, 2019 (BILLION)

[up arrow] [down arrow] CHANGE FROM 2018

CAPFINANCIAL PARTNERS, RALEIGH

$364 | + $51 [up arrow] 16%

It is the holding company of Captrust, which has acquired about 40 firms in major U.S. cities since 2006.

BARINGS, CHARLOTTE

276 | +$35 [up arrow] +15%

The mutual fund adviser is owned by MassMutual and employs 1,039 workers.

STERLING CAPITAL MANAGEMENT, CHARLOTTE

58 | +$1-4 [up arrow] 3%

Truist owns more than 75%. Alexander McAlister is president.

AON HEWITT FINANCIAL ADVISORS, CHARLOTTE

29 | +$1-8 [up arrow] 7%

Hewitt Associates owns more than 75% of record-keeping company. Assets grew by $12.5 billion, or 75%, since 2017.

WEDGE CAPITAL MANAGEMENT, CHARLOTTE

11 | -$1.7 [arrow down] -13%

The mutual fund adviser formed in 1984 and employs 32, including 17 general partners.

GLOBAL ENDOWMENT MANAGEMENT, CHARLOTTE

10.5 | +$2.2 [up arrow] 26%

The company's clients are mainly universities and foundations. Porter Durham Jr. is managing partner.

ALUMINA INVESTMENT MANAGEMENT, CHARLOTTE

9.6 | $1.3 [up arrow] +15%

Former Carlyle Group managing director Greg Kares owns more than 75%. Assets are up 48% since 2016.

WELLS FARGO INVESTMENT INSTITUTE, CHARLOTTE

6.3 | +$0.4 [up arrow] 6%

The megabank formed the company in 2014. Darrell Crank is president.

INDEPENDENT ADVISOR ALLIANCE, CHARLOTTE

5.9 | +$0.9 [up arrow] 17%

Robert Russo founded the broker-dealer in 2014. It has quintupled in size since 2016.

ADHESION WEALTH ADVISORS, CHARLOTTE

4.7 | +$1-2 [up arrow] 33%

The firm was acquired in 2018 by Maryland-based Vestmark, which manages more than $1.3 trillion.

RIDGEMONT PARTNERS MANAGEMENT, CHARLOTTE

4.6 | +$1.1 [up arrow] 31%

The private equity group was founded in 1993 and spun off from Bank of America in 2010. It raised a $1.65 billion fund in 2018.

CARROLL FINANCIAL ASSOCIATES, CHARLOTTE

3.5 | +$1 [up arrow] 40%

The company was founded in 1980 by Larry Carroll. His son, Kris, serves as CFO and is majority owner.

HORIZON INVESTMENTS, CHARLOTTE

3.4 | +$0.2 [up arrow] 6%

Owner of the firm since 1999, CEO Robbie Cannon was named 2018's "Asset Manager of the Year" by Barron's and the Money Management Institute for firms with less than $25 billion in AUM.

TRUEBRIDGE CAPITAL PARTNERS, CHAPEL HILL

3.3 | +$1 [up arrow] 48%

Founded by former UNC Chapel Hill endowment managers, TrueBridge completed a $190 million funding round in early April.

PAMLICO CAPITAL, CHARLOTTE

3.2 | +$0.7 [up arrow] 30%

The private...