Arthur Laffer and his son, Arthur Laffer Jr. Arthur Laffer and his son, Arthur Laffer Jr.

Charlotte, North Carolina-based investment banking firm ButcherJoseph Financial Holdings bought Laffer Investments, a small RIA in Nashville, Tennessee, with six employees that was started in 1999 by noted economist Arthur B. Laffer and his son, Arthur B. Laffer Jr.

The elder Laffer recently received the Presidential Medal of Freedom and is best known for the Laffer Curve economic theory tying rates of taxation to the resulting levels of government revenue.

Explaining why his company decided to buy Laffer Investments, ButcherJoseph Financial Holdings CEO Jon Curley said: “Obviously, the value of the iconic brand is significant.” But he told ThinkAdvisor: “More important is the investment team, distribution channels and expertise of the Laffer firm.”

The purchase closed Friday and adds about $600 million in assets under advisory to the affiliate of investment banking firm ButcherJoseph & Co., Curley told ThinkAdvisor.

“Laffer Investments was a perfect fit to join the ButcherJoseph family of companies,” Curley said in a statement, adding: “We are particularly excited to have Dr. Laffer joining us and agreeing to chair our advisory board.”

The Laffer firm provides investment management advice to individuals and portfolio management services to institutions. It will be renamed Laffer|Tengler Investments “once all necessary filings are complete,” ButcherJoseph said in its announcement.

“The investment professional depth and the broad product mix of the Laffer firm will enhance our ability to provide clients with investment advice and solutions to help them grow and preserve their wealth,” according to Nancy Tengler, an investment commentator, portfolio manager and author, who will serve as chief investment officer and portfolio manager of Laffer|Tengler Investments. Curley will serve as its CEO.

The new division of ButcherJoseph will have six investment professionals with more than 200 combined years of investment industry experience among a total staff of 14, the company said.  Laffer|Tengler Investments will manage proprietary strategies covering a wide variety of asset classes and styles from traditional U.S. equities and fixed income to convertible securities and exchange traded fund models, it said. Its offices will be in Charlotte, Nashville and Phoenix, Arizona.

“We are confident this combination will both benefit our existing clients and open doors to new opportunities for growth,” Arthur Laffer Jr., president of Laffer Investments, said in a statement. He will remain with the firm as chief operating officer and portfolio manager. His father, Dr. Laffer, “continues to work full time,” according to Curley, and will be chairman of the advisory board and a strategic advisor to the firm, the company said.