Wisconsin-based wealth management firm Baird has acquired Pittsburgh-based full-service wealth management firm Hefren-Tillotson.

The deal, whose financial terms were not shared, was first announced in January this year.

Established in 1948, Hefren-Tillotson specialises in investment and retirement plan management, comprehensive financial planning, and other services.

The firm, which oversees $18bn in client assets, has more than 90 financial advisors working from six offices in Greater Pittsburgh.

Hefren-Tillotson will now operate as a wholly-owned subsidiary of Baird, which manages $415bn in client assets.

Hefren-Tillotson will be fully integrated into Baird by late October.

Baird chairman, president and CEO Steve Booth said: “It gives me great pleasure to welcome and celebrate the addition of Hefren-Tillotson’s associates and clients to the Baird family.

“We are excited to build on Hefren-Tillotson’s deep roots in Pittsburgh and nearly 75-year legacy of exceptional client service.”

As agreed, Hefren-Tillotson chairman and CEO Kim Fleming and senior executives Craig Tillotson and Don Belt will continue in their current roles through the merger.

After the merger, Fleming will serve as a Baird vice chairman and a member of the executive committee while continuing to cater to her clients as a financial advisor.

Tillotson will serve as managing director and branch manager and will continue as a financial advisor. Belt will assume the role of managing director and director of Operations and Integration.

Commenting on the deal, Fleming said: “As the past few months have confirmed, we have found an exceptional partner in Baird, a firm that embodies the same culture and values that are at the core of our business. We are thrilled to continue to serve our clients and build on our firm’s history as part of Baird.”

In January, Baird acquired a minority ownership interest in the investment firm GAMMA Investing, together with RiverFront Investment.