Hunt Valley-based Hardesty Capital Management, which manages nearly $1 billion in assets for clients, changed its name Tuesday to Tufton Capital Management.
The new name is meant to reflect the office's location in the Tufton Valley in northern Baltimore County. Jim Hardesty, who founded the company in 1995 with Randy McMenamin, died one month after retiring from the firm in April 2015.
"The Hardesty name will always connote trust, financial acumen and a deep devotion to our clients," said Chad Meyer, the firm's president, in a statement. "We feel strongly, however, that the contributions of all of our employees, and not just those of our co-founder, be reflected in our corporate name. While Jim Hardesty's legacy and invaluable contribution to our organization will live on, we believe that a new name will best represent our entire firm as we move forward."
The 13-person firm unanimously approved the name change. It introduced a new website, www.tuftoncapital.com.