Milwaukee-based Baird Financial Group has closed on its acquisition of Seattle investment firm McAdams Wright Ragen Inc. The company is now a wholly-owned subsidiary of Baird Financial Group, the holding company of Robert W. Baird & Co. Inc.
The acquisition was announced in April. MWR has 85 financial advisors at seven Pacific Northwest offices who are now part of Baird. It has $10 billion in client assets.
Baird’s wealth management arm now has 800 financial advisors across 80 offices in 26 states. The company has more than $125 billion in client assets.
“We couldn’t be more pleased to welcome McAdams Wright Ragen’s associates and clients to the Baird family, and to expand our presence in the Pacific Northwest,” said Paul Purcell, Baird chairman and chief executive officer. “This is a great day for both of our firms.”
“We initially elected to partner with Baird due to the perceived cultural similarities between our companies,” said Scott McAdams, president and CEO of McAdams Wright Ragen. “Over the past two months, as we have worked more closely with many Baird associates, we are even further convinced of the similarities in our cultures and values. We are very excited to be part of the Baird family.”