LOS ANGELES - Milwaukee-based Robert W. Baird & Co. is planning to build its presence in the Pacific Northwest by merging with the smaller Seattle-based investment firm McAdams Wright Ragen, Inc.
The companies announced Wednesday that they have signed a definitive agreement for MWR, which has seven offices in the Pacific Northwest, to merge with Baird, a financial services company with more than 100 locations throughout the U.S., Europe, and Asia.
The companies did not disclose terms of the deal, which is subject to customary regulatory approvals.
Paul Purcell, Baird chairman and chief executive officer, said the merger will position the firm to expand its footprint in the Pacific Northwest. Currently, the only overlap with MWR is in Portland, Ore.
Both firms are employee-owned and offer a variety of financial services, including asset management, investment banking and capital markets services. MWR has a small team of municipal bond traders and Baird has a substantial public finance practice group.
Last year, Baird ranked sixth in the Midwest among senior managers, with $2.96 billion of bond issues, according to Thomson Reuters.
Recently the firm has expanded its presence and banking team, opening new offices and hiring veteran bankers in various states, including Texas, Michigan, Pennsylvania, Minnesota and Ohio.
"McAdams Wright Ragen and its highly regarded advisors have done an exceptional job of earning the loyalty and trust of their clients by providing high-quality financial advice and service," Michael Schroeder, president of Baird private wealth management, said in a statement. "We are very excited to build on the deep relationships MWR has established and to continue our strategic expansion in the Pacific Northwest, a region that represents tremendous additional potential for our combined firms."
Baird has more than 2,900 associates serving working in the corporate, institutional, and municipal sectors.
MWR has 180 employees in offices throughout Washington, and in Portland. The firm offers investment advisory, brokerage, equity research, municipal and corporate bond and equity trading, and investment banking services.
