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Technology > Investment Platforms > Turnkey Asset Management

Baird Buying Hilliard Lyons and Its 380 Advisors

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Employee-owned Baird is purchasing Hilliard Lyons for an undisclosed price, creating a firm that could have close to 1,300 financial advisors and some $250 billion in client assets. The purchase includes Hilliard Lyons Trust and about 380 advisors with Hilliard Lyons, which has its headquarters in Louisville, Kentucky.

Baird is based in Milwaukee and included wealth management, capital markets, private equity and asset management operations with about $200 billion before the deal. It has about 890 advisors.

“Hilliard Lyons and its well-respected advisors are known for providing high-quality financial advice and service to clients,” according to Mike Schroeder, president of Baird Private Wealth Management. “Their trust capabilities matched with our robust wealth solutions make for a powerful combination that will benefit clients.”

Tuesday’s news comes about six months after Baird gobbled up M. Griffith Investments Services — a team with 12 financial advisors and $2 billion in assets in central New York.

“As we approach Baird’s 100th year, we are immensely proud to welcome Hilliard Lyons to the Baird family,” said Baird President and CEO Steve Booth, in a statement. “Hilliard Lyons has an excellent reputation and many other similarities to Baird including a strong, client-centric culture and business model, a commitment to being a great place to work, and a long history of giving back to the community.”

Hilliard Lyons went into business in 1854, making it one of the nation’s oldest investment firms. Today, it has nearly 1,000 employees and about $280 million in revenue as of Sept. 30. Baird, established in 1919, has some 3,450 associates.

“On every level, Baird is a great fit for our clients and for the Hilliard Lyons team,” explained Hilliard Lyons Chairman & CEO Jim Allen, in a statement. “We are especially pleased to return to our roots and rejoin an employee-owned firm.”

Along with Allen, Hilliard Lyons President Tom Kessinger III, and Private Wealth Director Alan Newman will stay on in their roles.

After the merger is completed, which should be in the second half of 2019, Allen will serve as a Baird’s vice chairman and on Baird’s Executive Committee, though he will work in Louisville; Kessinger will serve in a wealth-management leadership role in Lexington, Kentucky, and continue to serve his investor clients; and Newman will take on a wealth-management leadership role in Evansville, Indiana.


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