Fayetteville-based Garrison Financial Corp., announced Monday that it has acquired Tahoe Advisors LLC of Englewood Cliffs, N.J.
Tahoe is a U.S. Securities and Exchange Commission-registered investment advisor. According to documents filed with the SEC in May 2003, Tahoe had discretionary management of one account worth about $50 million and five or fewer employees.
Garrison Financial Corp., a holding company for Garrison Financial Advisors Inc., purchased Garner Asset Management Co. of Fayetteville on Feb. 23 for an undisclosed sum.
Tahoe is registered to do business in New Jersey, New York and Illinois and will give GFA additional range in derivatives and risk management through hedge funds.
In a prepared statement, Tom Garrison, chairman and CEO of Garrison Financial Corp., said, “Demand for non-conflicted, independent financial service providers is growing as investors become increasingly wary of institutions that may have potential conflicts. Our acquisition of Tahoe Advisers brings a depth of market access and technology that will benefit wealth managers, particularly in terms of risk management and investment opportunities.”
Garrison is the former president and CEO of FedEx Freight East in Harrison, the less-than-truckload company that was formerly American Freightways Inc.
As of February, GFA managed $44.4 million in assets from 21 separate accounts, according to the SEC.
Garrison officials have said the company plans for an initial public offering by 2014.
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