Argyle launches new platform

DURHAM -- A Durham company has launched a new social media marketing software platform.

The Argyle Company, founded in late 2009, has launched Argyle Social, which helps marketers and small businesses measure the impact of marketing campaigns in social media channels. The platform uses URL redirects, conversion tracking and other features to provide detailed analytics and campaign management tools.

Founders Eric Boggs and Adam Covati were previously with Bronto Software.

Argyle won a $33,000 grant from N.C. IDEA in January and plans to raise a seed financing round this summer. The company will be presenting at Durham Launch Days in May.

The service is currently available in limited beta at argylesocial.com and will launch to the general public later this spring.

Director of research hired

DURHAM -- Piedmont Investment Advisors, a Durham-based asset management firm, announced that it has hired Ken Grimes as director of research on Monday.

Grimes will join Piedmont effective June 1. Previously, he was director of investment management at Earnest Partners in Atlanta.

In his new role, Grimes will help manage investment research efforts in support of the firm's equity and fixed income products. Grimes will report to Isaac Green, Piedmont's president and chief investment officer.

A native of Durham, Grimes has a graduate degree in electrical engineering from Boston University, and a master's degree in business administration from Harvard University.

Tobacco trust fund awards $6M

RALEIGH -- A trust fund created with tobacco settlement money to help farmers and related businesses has awarded more than $6 million for projects to help rural and agricultural economies in North Carolina.

The North Carolina Tobacco Trust Fund Commission approved the grants for a record 36 projects that focus on addressing ways to stimulate the agricultural economy and decrease unemployment.

The awards include job skills training at community colleges, funding for new farmers' markets and a new campaign to assist nursery and landscaping companies.

In the last nine years, the organization has awarded over $45 million in grants to farm organizations, local and state government agencies and nonprofits.

Citi reports 1Q profit of $4.4B

NEW YORK -- Citigroup Inc. provided more evidence Monday that the nation's big banks may have turned a corner. The bank reported a surprise first-quarter profit as trading revenue offset losses from failed loans.

Citigroup said it earned $4.4 billion after payment of preferred dividends, compared with a loss of $696 million a year earlier. That was the bank's biggest quarterly profit since the second quarter of 2007.

-- From staff, wire reports