MONEY CHANGERS: Most investment managers based in North Carolina with more than $1 billion under management reported solid growth last year.

AuthorMiller, Harrison

Money may move around the globe at the speed of light these days, but the ranks of the largest investment companies based in North Carolina are remarkably stable. Business North Carolina's ranking of firms that each oversee more than $1 billion in assets shows very little change from a similar list we researched two years ago.

Our list is dominated by two large companies, which make up more than 75% of the total assets under management of the 36 listed firms. Raleigh-based CapFinancial Partners owns CapTrust, which added $51 billion under management in 2019 as it bought more closely held investment firms in major U.S. cities. And Charlotte-based mutual fund adviser Barings, which is owned by the MassMutual insurance firm, added $35 billion last year, according to government filings.

The data is based on the companies' most recent government reports and additional information from San Diego-based research firm BrightScope. The list cites assets under management, or AUM, as of Dec. 31, 2019, which we compared with year-earlier filings. Most of the companies invest in stocks and bonds, though the list includes a few private equity groups and those focused on other alternative investments. Large asset managers based outside of North Carolina, such as Morgan Stanley and Fidelity Investments, are not included.

The strong stock market helped fuel growth at 31 of the 36 firms, though the story changed in late February as the public health crisis depressed most investment sectors. Those reversals aren't reflected in this list.

One big departure is Durham's Piedmont...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT