|By PR Newswire||
|April 9, 2014 05:23 PM EDT||
MILWAUKEE, April 9, 2014 /PRNewswire/ -- Baird and McAdams Wright Ragen, Inc. (MWR) announced today that they have signed a definitive agreement for MWR to merge with Baird, an international, employee-owned wealth management, capital markets, private equity and asset management firm with more than $100 billion in client assets. MWR, a majority employee-owned investment firm headquartered in Seattle, offers investment advisory, brokerage, equity research, bond and equity trading, asset management, institutional sales, and investment banking through seven offices in the Pacific Northwest. Terms of the deal, which is subject to customary regulatory approvals, were not disclosed.
McAdams Wright Ragen has 180 employees including more than 85 financial advisors managing and overseeing over $10 billion in assets. Baird, which was established in 1919, has more than 2,900 associates including over 725 financial advisors, working from more than 100 locations in the U.S., Europe and Asia. Baird's current presence in the Pacific Northwest includes wealth management, public finance and fixed income institutional sales operations in Portland, Ore.
"McAdams Wright Ragen is a well-established and highly respected firm with a business model and client-focused culture that are very consistent with Baird's approach," said Paul E. Purcell, Baird Chairman & Chief Executive Officer. "We've known and respected the firm, which is led by Brooks Ragen, Chairman, and Scott McAdams, President and CEO, for a number of years. Taking this important step enables MWR to enhance the services and capabilities it offers its clients, and positions Baird to expand our current footprint in the Pacific Northwest. We couldn't be more pleased to welcome MWR to the Baird family."
"Baird embodies the same culture and values that have set our firm apart in the industry and been instrumental to our success," said Scott W. McAdams, President and CEO of McAdams Wright Ragen. "Baird's independent, employee-owned model and its deep expertise and capabilities, along with its commitment to being a great place to work and putting clients' needs above all else, make our decision to join forces the best next step for our business and our clients."
"McAdams Wright Ragen and its highly regarded advisors have done an exceptional job of earning the loyalty and trust of their clients by providing high-quality financial advice and service," said Michael J. Schroeder, President of Baird Private Wealth Management. "We are very excited to build on the deep relationships MWR has established and to continue our strategic expansion in the Pacific Northwest, a region that represents tremendous additional potential for our combined firms."
Baird's employee-owned model means it can plan for the long term. That longer-term perspective and Baird's strong, client-focused culture have enabled the firm to excel even in challenging environments. For instance, in the past five years, Baird opened 31 new business locations in the U.S. and abroad and increased employment 22% while employment in the U.S. securities industry decreased 2%. Additionally, Baird:
- Has posted an operating profit for 136 consecutive quarters (34 years) and its stock value, including dividends, has grown nearly 220% since 2002;
- Realized more than $1 billion in revenue in 2013, its fourth consecutive year of record revenue;
- Has more than $100 billion in client assets;
- Has been recognized as one of the FORTUNE 100 Best Companies to Work For® 11 consecutive years, breaking into the top 10 (no. 9) in 2014.
Baird's Private Wealth Management group has grown significantly in recent years. For instance, since the beginning of 2009 it has added more than 325 financial advisors and branch managers, the vast majority of whom are industry veterans. Baird has also opened wealth management offices in cities such as Portland, Maine; Charlotte, Raleigh and Winston-Salem, N.C.; Charleston, S.C.; Sarasota, Fla.; Sioux City, Iowa; Houston and Fort Worth, Texas; Denver; Salt Lake City; San Francisco; and Portland, Ore.
McAdams Wright Ragen was founded after a wave of consolidation in the late 1990s left few independent, regional financial services firms in the Northwest. Brooks Ragen and Scott McAdams set out to recreate the classic, partnership-like investment firm that had worked so well before, consisting of the traditional divisions in trading, retail, research, institutional, and corporate finance, but with strategic modifications to remain current and competitive. The firm opened its doors with eight people in 1999 and has grown steadily since. For instance, in 2010, MWR expanded considerably, increasing headcount by about 50 percent, and opening branches in Mount Vernon, Wash., in late 2010 and Anacortes, Wash., in January 2011. In May 2012, MWR opened its seventh office in Spokane, Wash. Like Baird, MWR has been consistently profitable, achieving record revenue each year it has been in business. In 2013, it had revenues of $48 million.
"McAdams Wright Ragen and Baird are remarkably similar in very important ways," said Brooks Ragen, Chairman of McAdams Wright Ragen. "With our reputation and capital on the line every day, we manage conservatively and are extraordinarily focused on how well we perform for our clients and on how we best serve them. Both organizations also have very strong traditions of giving back to our communities in a significant way."
MWR supports a variety of local causes including the arts, education, social services and community development, and its employees are active members in the philanthropic community. In addition, the firm manages accounts for more than 50 non-profits in the region, totaling in excess of $250 million.
Likewise, Baird has a long-standing tradition of giving back to the communities in which its associates live and work, both on a corporate and individual level. In 2013, Baird Foundation provided more than $2.9 million in support to charitable organizations. It also administers a firmwide Charitable Gift Matching Program that provides a match for associates' financial contributions to eligible nonprofit organizations. The "Baird Cares" program gives associates two additional paid days off each year to perform volunteer service. In 2013, more than 1,250 Baird associates and family members in more than 55 office locations participated in Baird Gives Back Week, a firmwide initiative to promote volunteerism.
About McAdams Wright Ragen, Inc.
McAdams Wright Ragen, Inc. is a majority employee-owned investment firm headquartered in the Pacific Northwest, with client assets of over $10 billion, including both brokerage and advisory assets. It serves individuals and their families, public and private companies, non-profit organizations, and institutional investors. The firm offers investment advisory, brokerage, equity research, bond and equity trading, asset management, institutional sales, and investment banking. The firm currently has six offices in Washington State (Anacortes, Bellevue, Mount Vernon, Seattle, Spokane and Yakima) and one in Portland, Ore. For more information, please visit MWR's Web site at www.mwrinc.com.
Baird is an employee-owned, international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Established in 1919, Baird has more than 2,900 associates serving the needs of individual, corporate, institutional and municipal clients. Baird has more than $100 billion in client assets. Committed to being a great place to work, Baird ranked No. 9 on FORTUNE's 100 Best Companies to Work For in 2014 – its 11th consecutive year on the list. Baird's principal operating subsidiaries are Robert W. Baird & Co. in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting Baird's investment banking and private equity operations. For more information, please visit Baird's Web site at www.rwbaird.com.
Leading cloud-centric IT organizations are establishing core capabilities to improve productivity, control costs and provide a highly responsive end-user experience. Key steps along this journey include creating an end-user cloud services catalog, automating workflows and provisioning, and implementing IT showback and chargeback. In his session at 19th Cloud Expo, Mark Jamensky, executive vice president of Products at Embotics, will walk attendees through an in-depth case study of enterprise I...
Sep. 29, 2016 06:15 AM EDT Reads: 1,459
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Sep. 29, 2016 06:00 AM EDT Reads: 2,750
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Sep. 29, 2016 06:00 AM EDT Reads: 2,671
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Sep. 29, 2016 06:00 AM EDT Reads: 519
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Sep. 29, 2016 05:45 AM EDT Reads: 1,047
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Sep. 29, 2016 05:45 AM EDT Reads: 1,501
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Sep. 29, 2016 05:30 AM EDT Reads: 2,949
Apache Hadoop is a key technology for gaining business insights from your Big Data, but the penetration into enterprises is shockingly low. In fact, Apache Hadoop and Big Data proponents recognize that this technology has not yet achieved its game-changing business potential. In his session at 19th Cloud Expo, John Mertic, director of program management for ODPi at The Linux Foundation, will explain why this is, how we can work together as an open data community to increase adoption, and the i...
Sep. 29, 2016 05:30 AM EDT Reads: 1,144
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
Sep. 29, 2016 05:15 AM EDT Reads: 1,243
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Sep. 29, 2016 05:00 AM EDT Reads: 1,637
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Sep. 29, 2016 04:45 AM EDT Reads: 1,798
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Sep. 29, 2016 04:30 AM EDT Reads: 4,680
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Sep. 29, 2016 04:00 AM EDT Reads: 1,814
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Sep. 29, 2016 04:00 AM EDT Reads: 1,212
We’ve been doing it for years, decades for some. How many websites have you created accounts on? Your bank, your credit card companies, social media sites, hotels and travel sites, online shopping sites, and that’s just the start. We do it often without even thinking about it, quickly entering our personal information, our data, in a plethora of systems. Sometimes we’re not even aware of the information we are providing. It could be very personal information (think of the security questions you ...
Sep. 29, 2016 03:45 AM EDT Reads: 4,824