Two Midwestern regional broker-dealers are joining forces to create a combined entity representing more than $250 billion in client assets across various business lines.
Milwaukee-based Baird announced on Tuesday that it will merge with Louisville, Ky.-based Hilliard Lyons and Hilliard Lyons Trust Company.
"As we approach Baird's 100th year, we are immensely proud to welcome Hilliard Lyons to the Baird family," said Steve Booth, president and CEO of Baird, in released comments. "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."
Under the agreement, both firms will retain their leadership; Hilliard Lyons Chairman and CEO Jim Allen, President Tom Kessinger III and Executive Vice President Alan Newman will continue in their roles.
The combined firm will have approximately 1,300 advisors serving clients from 170 locations in 34 states.
Baird expects to complete the merger in the second half of 2019.
Additional terms of the agreement were not disclosed in the announcement.