Milwaukee-based Robert W. Baird & Co. Inc. today announced its 2017 net revenues were up 10 percent in 2017, to $1.53 billion.
The private company reported limited financial results for 2017.
Operating income was $199 million, up from $155 million in 2016. Assets in client accounts increased to $202 billion. The company’s return on book value, including a $2.10 cash dividend it paid out to shareholders, was 20.8 percent. The dividend was down from $7.50 in 2016.
During 2017, the private equity arm, Baird Capital, invested $97 million in six new and 17 follow-on investments. It also exited five investments, earning $30.2 million. The Private Wealth Management business grew its assets under management to $126 billion, and Asset Management increased its businesses and assets under management to $65 billion.
“Baird’s ongoing success is a result of our nearly 100-year commitment to partnering with our clients to help them navigate many market cycles,” said Steve Booth, president and chief executive officer of Baird, in a statement. “Being employee-owned and independent also enables us to make strategic investments that expand and deepen our capabilities to deliver the best advice and service to our clients.”
Baird also announced it had completed its acquisition of New York-based macroeconomic research firm Strategas Securities LLC in early 2018.
An employee-owned firm, Baird has 3,410 associates and 858 financial advisors. It now has $3.1 billion in total assets.