| NEW YORK, July 2
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
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
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)