Carolina Capital Management, a prominent wealth management firm based in the Carolinas, has been making waves in the financial industry with recent developments and acquisitions. With a focus on providing top-notch financial services to its clients, Carolina Capital Management is rapidly establishing itself as a leading player in the market.
In a significant move, Raleigh-based NovaQuest Capital Management has raised $90 million in a new fund to invest in biopharmaceutical companies. This signals Carolina Capital Management's commitment to diversifying its investment portfolio and exploring opportunities in the ever-growing healthcare sector.
The company's dedication to recognizing excellence in the industry is evident as it prepares to honor deserving companies at a prestigious luncheon on October 9th. The event, to be held at the Columbia Metropolitan Convention Center, serves as a platform for Carolina Capital Management to showcase the exceptional achievements of these businesses.
Carolina Capital Management's expansion strategy is further exemplified by its recent acquisition of Parsec Financial, an Asheville-based wealth management company. With the backing of TRIA Capital Partners, Modera Wealth Management, a New Jersey RIA, has agreed to acquire Parsec Financial. This strategic move brings the combined assets under management (AUM) of Modera Wealth Management to an impressive $10.5 billion, solidifying its position as one of the largest RIAs on the East Coast.
The collaboration between Parsec Financial and Modera Wealth Management is expected to bring about a prosperous synergy, enhancing the array of services available to clients. Parsec Financial, with approximately $3.8 billion in AUM, adds substantial value to Modera's already impressive portfolio.
In recognition of its excellence, Carolina Capital Management has been featured in the inaugural Forbes/Shook Best-In-State Wealth Management Teams list. With over 2800 teams and a cumulative asset base of around $4 billion, this accolade showcases Carolina Capital Management's commitment to delivering exceptional financial services to its clients.
The company's dedication to human capital management (HCM) is evident in its utilization of cutting-edge HCM system software. These advanced technologies enable Carolina Capital Management to effectively manage its employees' needs and ensure a streamlined workforce. In the government sector, HCM systems play a crucial role in optimizing employee management processes.
Carolina Capital Management's influence extends beyond the financial industry, as it ventures into the realm of sustainable development. In a recent transaction, Hartsville-based packaging producer Sonoco Products Co. has sold approximately 55,000 acres of timberlands in South Carolina. This move aligns with Carolina Capital Management's focus on responsible investing and sustainability.
The acquisition of Asheville-based Parsec Financial by Modera Wealth Management has also garnered attention in the industry. Parsec Financial, one of the state's largest wealth management companies, will benefit from Modera's extensive resources and expertise, further enhancing the quality of services offered to clients.
New Republic Partners, a respected name in the industry, has announced the opening of a wealth advisory office in Pawley's Island, South Carolina. This expansion signifies Carolina Capital Management's growing influence and attractiveness to industry leaders.
