California-based financial services firm Wedbush Securities has strengthened its reach in the Northeast with the purchase of Bailey & Quinn Financial Consulting Group.

Details

Bailey & Quinn is a wealth management team in the Philadelphia, Pennsylvania suburb of Radnor.

James Bailey and Kevin Quinn will assume the role of managing directors of investments.

The pair will be supported by branch administrator Jet Kurtz.

The team, managing around $200m in assets, will report to Northeast regional executive Frank Story.

Story noted: “Expanding into the Philadelphia market will allow us to not only serve a new geographic area, but also extends the Wedbush Securities footprint along the east coast, and nationwide.

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“Their expertise and entrepreneurial spirit are the perfect fit for our firm, and we are pleased James, Kevin and Jet chose Wedbush to continue their careers.”

James and Kevin teamed up after meeting at Prudential Securities in the late 1990s.

Kurtz joined the team in 2007 in her operational role.

James Bailey and Kevin Quinn said: “We are not beholden to any specific products, so we run our books of business with our client-first philosophy, and we are thrilled to be opening up a Wedbush office and a presence in Radnor.”

Developments at Wedbush Securities

Established in 1955, Wedbush Securities offers securities brokerage, wealth management, and investment banking services.

Last June, the firm acquired the assets of advisory firm ABR Investment Strategy.

In 2014, KCG Holdings signed a definitive agreement to sell certain assets and liabilities related to the Futures Commission Merchant (KCG Futures) business to Wedbush Securities.

Legal issues

In 2014, FINRA filed a complaint against the company for systemic supervisory and anti-money laundering (AML) violations.

In the same year, SEC charged the company with breaching market access rule.