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August 06, 2013 at 09:54 AM
D.A. Davidson said Tuesday it wrapped up its purchase of Crowell, Weedon & Co., a Los Angeles based IBD. The combined entity has about 460 employee financial advisors and about $43.5 billion in client assets.
According to D.A. Davidson, based in Great Falls, Mont., the deal “expands the footprint of D.A. Davidson’s Individual Investor Group into California” and makes it one of the largest full-service broker-dealers not owned by a larger financial-services organization in the West. This is the largest deal that D.A. Davidson has completed in its 78-year history and represents further consolidation in the independent broker-dealer field.
“We are excited to have the great team of professionals at Crowell Weedon as our new partners,” said Bill Johnstone (left), chairman and CEO of Davidson Companies, the parent company to D.A. Davidson, in a press release. “We see many synergies between our companies that include, first and foremost, a mutual belief that our clients’ needs come first.”
Crowell Weedon, which has been in business for 81 years, will continue to operate as a separate broker-dealer the two companies have fully integrated their operations over the next six months. After that, Crowell Weedon and its 145 advisors will become part of D.A. Davidson’s Individual Investor Group.
