Economy

Mitt Romney's son backing new financial firm

One of former presidential candidate Mitt Romney's sons is investing in a new financial services firm that will be based in Charlotte.

Tagg Romney, who last year founded the Massachusetts private-equity firm Solamere Capital, is backing a newly formed wealth management firm called Solamere Advisors. The firm will open with 11 advisers; almost all were most recently employed by the Stanford Financial Group, a name that was tainted in February when its founder was accused of running a multi-billion dollar Ponzi scheme.

Romney, who was in Charlotte on Tuesday, called the Solamere Advisors team "an all-star lineup of seasoned pros." Leila Evans, a partner in the Charlotte operation, said the firm will distinguish itself by offering "a progressive asset allocation strategy" and "total flexibility in selecting third-party financial products."

Read the complete story at charlotteobserver.com

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