US-based Baird has completed its acquisition of McAdams Wright Ragen (MWR), a Seattle-based wealth management firm that oversees more than US$100 billion in client assets.
As part of the acquisition, MWR has become a wholly owned subsidiary of Baird Financial Group (Baird), the holding company of Robert W. Baird & Co.
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Following the deal, all 85 MWR financial advisors working out of seven offices in the Pacific Northwest will become a part of the Baird family of companies.
Terms of the deal were not disclosed.
Paul Purcell, chairman & CEO of Baird, said: "We couldn’t be more pleased to welcome McAdams Wright Ragen’s associates and clients to the Baird family, and to expand our presence in the Pacific Northwest."
Scott McAdams, president and CEO of McAdams Wright Ragen, said: "Over the past two months, as we have worked more closely with many Baird associates, we are even further convinced of the similarities in our cultures and values. We are very excited to be part of the Baird family."
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By GlobalDataBrooks G. Ragen, chairman of McAdams Wright Ragen, said: "Baird shares the same culture and values that have shaped MWR and been instrumental to our success. We couldn’t be a better fit."
Baird’s wealth management business now includes more than 800 advisors working in 80-plus offices in 26 states. It has about $125 billion in assets in its wealth management and other business units.
