Friday, October 17, 2014

Griggs Capital Management merges with Raleigh firm

Charlotte-based wealth management company Griggs Capital Management and Raleigh-based VisionQuest Wealth Management announced Thursday that they have merged.

Randall Griggs, president and founder of Griggs Capital Management, said the merged company will go by the VisionQuest name and remain headquartered in Raleigh but plans to open an office in Charlotte.

He said the merger was finalized Oct. 1. Terms of the deal were not disclosed.

Griggs, 66, said he searched for about a year and a half for someone to merge with as part of a succession plan for his company, which has just two employees and roughly $30 million in assets under management.

The primary driver of the merger was an opportunity to give his clients access to more services and the experience of VisionQuest, which has a staff of about eight, Griggs said.

Under the deal, Griggs will serve as senior vice president at VisionQuest and be a member of its investment committee.