Wisconsin-based wealth management firm Baird has agreed to acquire Kentucky-based peer Hilliard Lyons and Hilliard Lyons Trust Company, for an undisclosed sum.

Hilliard Lyons offers wealth and asset management, investment banking, estate planning services, through 70 branches across 11 states. The business has a workforce of around 1,000 that includes over 380 financial advisers.

The acquisition will add more than $50bn in assets to Baird’s $211bn portfolio. The merged entity will have operations in around 170 locations across 34 states and an adviser headcount of around 1,300.

The deal, subject to regulatory nod, is expected to be wrapped up in the second half of this year.

Baird will retain Hilliard Lyons’ leadership following the completion of the merger.

Hilliard Lyons chairman and CEO Jim Allen will become vice chairman of Baird. Allen will also have a seat on Baird’s executive committee.

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“On every level, Baird is a great fit for our clients and for the Hilliard Lyons team. We are especially pleased to return to our roots and rejoin an employee-owned firm,” Allen stated.

Hilliard Lyons president Tom Kessinger III and director of private wealth Alan Newman will assume private wealth management leadership roles at Baird in Lexington and Evansville, respectively.