HL Financial Services, the parent company of Hilliard Lyons and Hilliard Lyons Trust Company, has signed a definitive agreement to allow the two firms to join Robert W. Baird & Co. Incorporated. The agreement has been approved by Houchens Industries, Inc., the majority shareholder of HL Financial Services, LLC.
Based in Milwaukee, Wisconsin, Baird is an international, employee-owned wealth management, capital markets, private equity and asset management firm with more than $200 billion in client assets. Terms were not disclosed for the deal, which is subject to regulatory approvals. The transaction is expected to close in the first half of 2019.
Established in 1854, Hilliard Lyons is one of the country’s oldest investment firms and has almost 1,000 employees in more than 70 offices across 11 states. Along with its sister company Hilliard Lyons Trust Company, the firm offers wealth management, trust, and estate planning services, as well as investment banking, municipal finance, and asset management services. It has more than $50 billion in client assets and had more than $280 million in revenue for its fiscal year ended September 30, 2018. Baird, established in 1919, has more than 3,450 associates, working from 97 locations across 30 states.
“On every level, Baird is a great fit for our clients and for the Hilliard Lyons team,” said Jim Allen, Chairman and CEO of Hilliard Lyons, in a release announcing the agreement. “We are especially pleased to return to our roots and rejoin an employee-owned firm. Baird’s culture, values and business model align seamlessly with ours, and its reputation as a best place to work is unsurpassed in the industry.”
“Hilliard has an excellent reputation and 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,” added Steve Booth, Baird president and CEO.
Thomas Kessinger
Tom Kessinger III
Hilliard Lyons top leadership, including Allen, president Tom Kessinger III, and Alan Newman, executive vice president and director, private wealth, will continue in their roles, working with Baird’s Private Wealth Management (PWM) leadership to ensure a smooth transition for the firm and its clients. When the merger is completed, which is expected some time in the second half of 2019, Allen will serve as a vice chairman of Baird and a member of Baird’s executive committee out of Louisville. Kessinger will serve in a PWM leadership role in Lexington while continuing to serve his wealth management clients, and Newman will serve in a PWM leadership role in Evansville, Indiana.
The combined firm will have approximately 1,300 financial advisors, serving clients from nearly 170 locations in 34 states. That will include maintaining a significant presence in the Louisville community, where Hilliards Lyons is currently headquartered, according to the company’s announcement.