NEW YORK, July 2 Baird Financial Group, the holding company of Robert W. Baird & Co, boosted its financial adviser force by 85 brokers, a more than 10 percent increase, with the acquisition of Seattle-based investment firm McAdams Wright Ragen, Inc on Tuesday.
The deal, which was first announced in April and finalized on Tuesday, raises Baird's overall headcount to 810 brokers as all the advisers agreed to join Baird, Paul Purcell, Baird chairman and chief executive officer, said.
McAdams Wright Ragen's (MWR) seven offices in Washington state and Oregon will continue to operate on their current platform until Nov. 8, when they will transfer the firm's $10 billion in client assets under management to the Baird platform.
The seven MWR offices give Milwaukee-based Baird an entree into the Pacific Northwest marketplace, home to the headquarters of Amazon.com Inc, Starbucks Corp and Nordstrom Inc.
MWR caters to high net worth clients who average $1 million to $5 million in investable assets.
Purcell confirmed that all of MWR's advisers received retention packages and bonuses to join Baird, and that MWR's top producing advisers received raises; he declined to give specific details.
He said he expects the employee-owned Baird offices there will start recruiting in the next six months.
Since the third quarter of 2013, Baird has added 14 financial advisers with at least $1 million in trailing-12-months' production or $100 million in assets under management, not counting the MWR acquisition. (Reporting by Elizabeth Dilts; Editing by Leslie Adler)