Robert W. Baird & Co. Inc., one of Milwaukee’s most iconic and important companies, announced today it has signed a definitive agreement to merge with Seattle-based investment firm McAdams Wright Ragen Inc.
McAdams Wright Ragen has 180 employees and offers investment advisory, brokerage, equity research, bond and equity trading, asset management, institutional sales and investment banking. The company has seven offices in the Pacific Northwest and manages more than $10 billion in assets. It reported 2013 revenues of $48 million.
Baird, a global wealth management, capital markets, private equity and asset management firm, reported a record $1.1 billion in 2013 revenues. It has more than 2,900 employees at more than 100 locations worldwide. It manages more than $100 billion in assets.
McAdams Wright Ragen is a majority employee-owned firm, which meshes with Baird’s employee-owned model. Baird’s existing Pacific Northwest presence is a Portland, Ore. operation that offers wealth management, public finance and fixed income institutional sales.
“McAdams Wright Ragen is a well-established and highly respected firm with a business model and client-focused culture that are very consistent with Baird’s approach,” said Paul Purcell, Baird chairman and chief executive officer. “We’ve known and respected the firm, which is led by Brooks Ragen, chairman, and Scott McAdams, president and CEO, for a number of years. Taking this important step enables MWR to enhance the services and capabilities it offers its clients, and positions Baird to expand our current footprint in the Pacific Northwest. We couldn’t be more pleased to welcome MWR to the Baird family.”
Financial terms of the transaction were not disclosed.
“Baird embodies the same culture and values that have set our firm apart in the industry and been instrumental to our success,” McAdams said. “Baird’s independent, employee-owned model and its deep expertise and capabilities, along with its commitment to being a great place to work and putting clients’ needs above all else, make our decision to join forces the best next step for our business and our clients.”
MWR and Baird emphasized the companies’ compatibility. Each has reported record revenue and grown significantly over the past couple of years and emphasizes employee engagement and community service.
An updated story is available here.
