Milwaukee-based Robert W. Baird & Co. Inc. has agreed to acquire New Hartford, New York-based M. Griffith Investment Services Inc.
![Steve Booth](https://assets.biztimes.com/uploads/2019/05/Booth-Steve-Robert-W.-Baird-Co.-Inc.-2015-01-04-Contributed-300x218.jpg)
Terms of the deal, which is expected to close pending regulatory approvals, were not disclosed.
Founded in 1947 by Richard and Margaret Griffith, M. Griffith has more than 40 employees and more than $2 billion in assets under management. Their son, David Griffith, has served as president of the firm since 1972. David Griffith will move into the role of vice chairman – private wealth management at Baird when the transaction is complete.
Baird, a wealth management, capital markets, private equity and asset management firm, has 3,450 employees worldwide and more than $200 billion in assets under management. Both companies are employee-owned.
“M. Griffith is a highly respected and well-established firm with a business model and client-focused culture that are very consistent with Baird’s, making them an excellent business partner,” said Steve Booth, president and chief executive officer of Baird.
“Taking this important step enables M. Griffith to enhance the services and capabilities it offers its clients and positions Baird to expand our current footprint in the Northeast,” said Baird Chairman Paul Purcell. “We couldn’t be more pleased to welcome M. Griffith to the Baird family.”
“I’d been thinking about the right way to help write M. Griffith’s next chapter for some time – how we best continue to serve our clients as they have grown to expect, how we maintain our culture and our tradition as an employee-owned firm, and how we continue to attract top financial talent all while keeping pace with an increasingly complex business,” said David Griffith. “I found the answer in Baird, which embodies the same culture and values that have long defined M. Griffith, and is nationally recognized as a best place to work. It’s a great fit for our clients and the M. Griffith team.”