Simmons First To Gain RIA Once Met Sale Finalizes

This week’s list of the state’s largest money managers cuts off at No. 30.

If we’d had room for one more, it would be Metropolitan Capital Management Inc., the registered investment advisory (RIA) known as Waschka Capital Investments until Metropolitan National Bank of Little Rock acquired it after founder Larry Waschka died in 2004.

At last report, MCMI, led by Thomas N. McCain, had $47.7 million in assets under management.

What will become of the RIA after Simmons First National Corp. completes its acquisition of Metropolitan? Joe Clement, president of Simmons First Trust Co., answered in an email.

“We expect to continue serving the Metropolitan Capital Management customers and will be pursuing opportunities to expand these services to other markets we serve,” he said.

It’s a new line of business for Simmons, which Clement said had “considered” developing an RIA but never had.