Wisconsin-based wealth management firm Robert W. Baird & Co has agreed to acquire New York-based peer M. Griffith Investment as part of a plan to expand its footprint in the Northeast.
Griffith, established in Central New York in 1947, provides investment management and financial planning, among other services. The firm employs more than 40 staff, including 12 financial advisers who oversee more than $2bn in assets.
As part of the deal, M. Griffith president David Griffith will become vice chairman of private wealth management at Baird.
Financial terms of the transaction, which is pending regulatory approvals, were not disclosed.
Commenting on the acquisition, Baird president and CEO Steve Booth said: “M. Griffith is a highly respected and well-established firm with a business model and client-focussed culture that are very consistent with Baird’s, making them an excellent business partner.
Baird chairman Paul Purcell added: “Taking this important step enables M. Griffith to enhance the services and capabilities it offers its clients and positions Baird to expand our current footprint in the Northeast.”
Set up in 1919, Baird has over 3,450 associates, including more than 860 financial advisers in 94 offices across 30 states.