US-based investment firm D.A. Davidson has agreed to merge with financial services firm Smith Hayes with nearly $4bn in assets under management (AUM), for an undisclosed amount.
The deal will expand D.A. Davidson’s presence in Nebraska and California, and will bolster its Individual Investor Group’s total assets under management total and administration to approximately $40bn.
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Subject to customary closing conditions, the transaction is expected to be closed in the first half of 2016.
Following the merger, John Decker, president and CEO of Smith Hayes, will be responsible for all Nebraska operations for D.A. Davidson, while Tom Smith, chairman of Smith Hayes, will join D.A. Davidson’s Individual Investor Group as vice chairman.
Smith Hayes provides financial advisory services to clients in and around their respective regions.
D.A. Davidson president and CEO Jim Kerr said: "We are proud to brand two market leaders with close community ties under the D.A. Davidson name. Both SMITH HAYES and Crowell, Weedon & Co. have extremely deep roots and long track records of serving their communities."
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