Hilliard Lyons, a Louisville-based financial advisory firm that expanded to Chattanooga in 1991, has merged with Robert W. Baird & Co.
Baird, which is based in Milwaukee, completed its acquisition Monday of Hilliard Lyons, adding more than 380 financial advisors and 70 more offices to the company, including four financial advisors at the Chattanooga office atop the Republic Center building. The deal was first announced in November.
“We’re excited about the merger and the opportunity to offer even more services, ” said Mike Brunson, senior vice president and branch manager for Hilliard Lyons, who helped establish the local office nearly three decades ago.
Financial terms of the deal weren’t disclosed.
Hilliard Lyons, which was founded in 1854 and is one of the nation’s oldest investment firms, had 2018 revenue of more than $280 million. Baird, which was established in 1919 and is celebrating its 100th anniversary, had revenue of nearly $1.8 billion in 2018, its ninth consecutive year of record results.
Baird said the “overwhelming majority” of Hilliard advisers agreed to join Baird. As a result, Baird’s wealth management business now includes approximately 1,300 financial advisers serving clients from more than 170 offices in 34 states, the company said.
Baird is an employee-owned, international wealth management, asset management, investment banking/capital markets and private equity firm.
“Today is a day to celebrate,” said Steve Booth, Baird president & CEO. “To welcome Hilliard Lyons’ associates and clients to the Baird family during our 100th anniversary year is a tremendous achievement that brings all of us great pride.”