Milwaukee-based Baird plans to acquire Hefren-Tillotson, a Pittsburgh-based wealth management firm with more than $18 billion in client assets.
Steve Booth, chairman, president and chief executive officer of Baird, said the firm has known and had “the highest regard” for Hefren-Tillotson for years.
“Not only do the have a stellar reputation, but the similarities between our two firms are remarkable – a strong, client-first culture and business model, a commitment to being a great place to work, and a tradition of giving back to the community,” Booth said. “Hefren-Tillotson is an incredibly high-caliber firm, and we are looking forward to continuing our partnership long into the future.”
Hefren-Tillotson has more than 90 financial advisors operating from six offices in the greater Pittsburgh area. Baird, which has more than 1,300 financial advisors across more than 160 locations and $400 billion in client assets, currently has three offices in the Pittsburgh area.
“On every level, Baird embodies the same culture and values that have always defined our firm,” said Kim Tillotson Fleming, chairman and CEO of Hefren-Tillotson. “Like Baird, being privately held has allowed us to stay focused on what matters most – our clients and our associates. When thinking about the future legacy of our family and employee-owned business and name, we cannot imagine a better partner than Baird.”
Tillotson Fleming will serve as a vice chair of Baird once the deal closes. Craig Tillotson, currently vice chairman at Hefre-Tillotson, will be managing director and branch manager. Don Belt, currently president, will become managing director and director of operations and integration.
The deal, which is subject to regulatory approvals, is expected to close in June with full integration complete by October.
Terms of the deal were not disclosed.