FTN Financial, the investment-banking arm of First Tennessee Bank, announced Wednesday that it has acquired Main Street Capital Advisors LLC, a boutique consulting firm that specializes in advising state and local governments.
Michael E. Kisber, FTN Financial's president, said the expansion into public funds asset management will broaden FTN's portfolio advisory business beyond its traditional depository focus.
"FTN Financial already has a significant presence in the public funds sector through our fixed income sales activities," he said in a news release. "The addition of Main Street enables us to respond to the growing demand for portfolio advisory services among this customer segment."
Terms of the deal were not disclosed.
Main Street, based in Las Vegas, will operate under the name FTN Financial Advisors and would continue to be led by its president and founder, Rick Phillips.
"We are excited about joining FTN Financial and the growth opportunities and expanded resources this will provide our business," Phillips said in a news release.