Mike Wyble and his team at Hilliard Lyons in the Southtown neighborhood of St. Joseph will have a new name to deal with in the near future. Their parent company in Louisville has signed a definitive agreement for both Hilliard Lyons and Hilliard Lyons Trust Company to join Milwaukee-based Baird, an international, employee-owned wealth management, capital markets, private equity and asset management firm with more than $200 billion in client assets. Hilliards Lyons is an independent investment firm with operations in St. Joseph for many decades. They and Hilliard Lyons Trust Company are both headquartered in Louisville, Kentucky. Terms of the deal, which is subject to customary regulatory approvals, were not disclosed.
Local Hilliard Lyons Manager Mike Wyble says, “Hilliard Lyons clients will continue to work with their existing advisors and teams, but may see access to expanded resources and capabilities. The commitment to clients and their communities is unwavering.” He concludes, “There is nothing clients need to do at this point as a result of this merger announcement.”
Established 164 years ago in 1854, Hilliard Lyons is one of the nation’s oldest investment firms and has nearly 1,000 employees, including more than 380 financial advisors, operating from more than 70 offices in 11 states. Together with Hilliard Lyons Trust Company, the firm offers wealth management, trust and estate planning services, as well as select investment banking, municipal finance and asset management services. They have over $50 billion in client assets and had more than $280 million in revenue as of Sept. 30, 2018.
Baird, which is approaching its 100th anniversary year, was established in 1919, and has more than 3,450 associates, including more than 890 financial advisors working from 97 locations in 30 states.
Steve Booth is President & CEO of Baird. He says, “As we approach Baird’s 100th year, we are immensely proud to welcome Hilliard Lyons to the Baird family.” Booth adds, “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.”
Meanwhile, Jim Allen, the Chairman & CEO at Hilliard Lyons says, “On every level, Baird is a great fit for our clients and for the Hilliard Lyons team.” He notes, “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.”
Paul Purcell is Chairman of the Board at Baird. He says, “Joining forces will accelerate the success of both firms and the success of our clients.” He adds, “We have a close relationship with Hilliard Lyons that goes back more than two decades, and couldn’t be happier to have Jim Allen and the rest of the Hilliard Lyons team join Baird.”
Mike Schroeder is President of Baird Private Wealth Management. He says, “Hilliard Lyons and its well-respected advisors are known for providing high-quality financial advice and service to clients,” and adds, “Their trust capabilities matched with our robust wealth solutions make for a powerful combination that will benefit clients.”
Hilliard Lyons top leadership – Chairman & CEO Allen, President Tom Kessinger III, and Alan Newman, Executive Vice President and Director, Private Wealth – will continue in their roles, working closely with Baird’s Private Wealth Management leadership team to ensure a smooth transition for the firm and its clients. When the merger is completed, likely 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. All will continue to be active in their respective communities as leaders at Baird.
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.
Hilliard Lyons and Baird share a long-standing tradition of giving back to the communities where their associates live and work. Both firms and their associates support a variety of service, cultural, health and education-related organizations. In 2017, Baird Foundation provided more than $3.1 million in support to charitable organizations.
The Hilliard Lyons office in St. Joseph is anchored at 2900 S. State Street in St. Joseph.
