Laffer Investments Inc., the Nashville, Tenn-based-RIA firm co-founded by noted economist and author Arthur Laffer, has been acquired by ButcherJoseph Financial Holdings LLC, an affiliate of investment banking firm ButcherJoseph & Co., according to a news release.
Laffer Investments, with $600 million in assets under advisement, provides investment management advice to individuals and portfolio management services to institutions.
“We are confident this combination will both benefit our existing clients and open doors to new opportunities for growth,” Laffer said in a statement.
Laffer, who founded the firm in 1999 with his son Arthur B. Laffer Jr., is referred to as the “father of Reagonomics” by some. He was a member of President Reagan's Economic Policy Advisory Board. In June, he received the Presidential Medal of Freedom for his contributions in the field of economics from President Donald Trump.
The new firm will be renamed Laffer|Tengler Investments once all necessary filings are complete, the company said. Its offices will be in Charlotte, N.C., Nashville and Phoenix, the release said.
The firm will have six investment professionals among a staff of 14. It will manage proprietary strategies covering a broad range of asset classes and styles ranging from traditional U.S. equities and fixed income to convertible securities and exchange-traded fund models, the release said.
“Laffer Investments was a perfect fit to join the ButcherJoseph family of companies,” Jon Curley, CEO of Charlotte-based ButcherJoseph Financial Holdings, said in a statement. “We are particularly excited to have Dr. Laffer joining us and agreeing to chair our advisory board.”
Curley will be CEO of the firm. Laffer's son will remain with the firm as chief operating officer and portfolio manager, and Nancy Tengler will take over as chief investment officer and as portfolio manager. The elder Laffer will stay on as chairman of the advisory board and a strategic advisor to the firm, the release said.
“The investment professional depth and the broad product mix of the Laffer firm will enhance our ability to provide clients with investment advice and solutions to help them grow and preserve their wealth. I’ve known and respected the Laffer firm for years, making this, such a natural combination. I am thrilled and excited about the future for our firm,” Tengler said in a statement.