A group of veteran financial executives have joined hands to set up a new investment management and wealth advisory firm in the US.

Dubbed New Republic Partners, the newly launched firm will offer investment, wealth advisory and credit solutions for individuals and families, endowments, foundations, and advisors serving accredited investors.

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Through the recent acquisition of New Republic Bank, the firm will also provide concierge financial services to its investment and wealth advisory clients.

The founders said they have already secured The John M Belk Endowment, the MC Belk Pilon family interests and the Springs-Close-Bowles family interests as clients and shareholders.

Based in Charlotte, North Carolina, New Republic Partners will be led by CEO and chairman Ralph Strayhorn and president and COO Tom Hoops.

Strayhorn said: “The alignment of our professional team, investors, board members and founding family clients creates a strong foundation for the firm,”.

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Hoops added: “We are able to leverage that foundation to provide clients with access to unique investment solutions usually reserved for large institutional investors, as well as proprietary private funds and other co-investment opportunities.”

Strayhorn has been CEO for several banks previously. He also headed Cape Point Advisory, which worked with banks and regulators to support banks through mergers and sales.

Hoops, who was previously part of the executive committee at Legg Mason Global Asset Management, led the global product strategy, M&A and strategic investing at the firm.

New Republic Partners board of directors member MC Belk Pilon commented: “The investment team at New Republic Partners brings innovative thinking and a high degree of expertise. We like the concept of a partnership environment with shared investment opportunities.”

New Republic Partners will develop and manage investment client portfolios through its entity New Republic Capital.