Baird Financial Group announced on November 27, 2018, that it had agreed to buy regional wealth management firm Hilliard Lyons, a smaller brokerage rival based out of Louisville, KY. Baird employs over 850 brokers at its Robert W. Baird broker-dealer subsidiary mainly in the Midwest. The acquisition will increase Baird’s wealth management forces over 40% with the addition of 380 brokers. However, only time will tell how many current advisors will choose to remain at the newly merged company or look to move their business elsewhere. “Joining forces will accelerate the success of both firms and the success of our clients,” Baird Chairman Paul Purcell said in a statement. Milwaukee-based Baird has been adding advisors through its recruiting efforts and smaller rival acquisitions over the years. Terms of the deal were not disclosed. The acquisition is expected to close in the second half of 2019 pending necessary regulatory approvals.
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