September 20, 2010

Wunderlich Securities to Buy Five RBC Wealth Management Branches

Units in Michigan and Ohio will increase AUM by $700 million

Memphis-based Wunderlich Securities has signed an agreement to buy five Private Client Group branches from RBC Wealth Management, Wunderlich announced Thursday. The branches include Plymouth, Flint, East Lansing and Brighton in Michigan and Beachwood in Ohio.

The Wunderlich said this acquisition would increase the Wunderlich Securities national footprint to 21 offices in 12 states. The agreement adds 32 new employees to the firm.

Among the new employees are 21 experienced financial advisors, adding $8 million in gross production and $700 million in client assets under administration. According to the announcement, these financial advisors have worked together over many years and were seeking to return to a regional firm. Wunderlich Securities offered this opportunity. RBC Correspondent Services, through a new relationship, will provide clearing for these branches.

"We believe that the individuals in these branches represent a unique fit within a regional firm and we welcome them to Wunderlich Securities," Philip Zanone, the firm's president, said in the statement.

Established in 1996, Wunderlich Securities is a full-service brokerage firm that caters to individual and institutional clients with financial advisory, brokerage, equity research and investment banking services. Its Fundamental Capital Markets and Fundamental Brokers Inter-Dealer divisions serve institutional clients with fixed-income brokerage services. The firm has some $3.8 billion in client assets under administration.

Michael S. Fischer (msf7@columbia.edu) is a New York-based financial writer and editor and a frequent contributor to WealthManagerWeb.com.

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