D.A. Davidson & Co. has agreed to purchase Oklahoma-based wealth manager Wells Nelson & Associates.

The expertise of the two firms is “aligned” with each other, D.A. Davidson stated.

Financial terms of the transaction were not disclosed.

Wells Nelson will retain its brand and will become part of D.A. Davidson’s Fixed Income Capital Markets group.

At present, the Fixed Income group comprises around 160 employees, who are based in offices across the US.

As part of the deal, 15 Wells Nelson employees will migrate to D.A. Davidson. These employees will continue to operate from the firm’s three offices in Oklahoma and Texas.

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The team will be headed by D.A. Davidson president Sam Doyle.

Wells Nelson President Randy Nelson said: “We very much look forward to joining with D.A. Davidson in a move that will ensure we continue adding new resources for our team.”

The acquisition is said to bolster D.A. Davidson’s fixed income presence in Oklahoma and Texas.

Commenting on the deal, Doyle said: “Wells Nelson has a great reputation, deep expertise and solid relationships throughout the region and we look forward to adding their professionals to our team.

“Their work will complement D.A. Davidson’s broad expertise in fixed income and is well-aligned with our client-first focus.”