Memphis-based investment firm Wunderlich Securities has agreed to acquire the wealth management assets of Dominick & Dominick (D&D), a New York-based investment firm.
Through the acquisition of Dominick, Wunderlich is expected to have about 250 advisors in 32 offices managing more than $10 billion in client assets.
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The transaction, which is subject to regulatory approval, is expected to close in 2015. Terms of the acquisition were not disclosed.
Upon completion of the acquisition, D &D will operate as Dominick & Dominick, a division of Wunderlich Wealth Management.
Additionally, Kevin McKay will become general counsel of Wunderlich Securities, while Michael Campbell, chairman, will join the Wunderlich Securities board of directors and Robert Reilly, COO at D&D, will become regional manager of the New York region and oversee Wealth Management offices in New York City, Great Neck, Miami, Atlanta and Basel.
The deal will see nearly 150 Wunderlich associates relocating the New York area, a move that boosts the firm’s presence in the New York metropolitan region, raising the number of employees to about 150.
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By GlobalDataMoreover, Wunderlich Wealth Management and Equity Capital Markets operations currently located in midtown will shift to D &D’s primary office at 150 E. 52nd Street in 2015, while Wunderlich Fixed Income Capital Markets sales and trading operations will continue to remain in the Wunderlich downtown location.
Kevin McKay, CEO of Dominick & Dominick. "Our mission has been to provide clients with the best ideas and guidance available and we believe joining Wunderlich expands our ability to do just that."
