Hefren-Tillotson Agrees to Join Baird
Pittsburgh-Based Firm to Continue Nearly 75-Year Legacy as Part of Baird
MILWAUKEE, Jan. 24, 2022 – Baird announced today that it has entered into an agreement for Pittsburgh-based Hefren-Tillotson to join its firm. Baird is an employee-owned, international wealth management, asset management, investment banking/capital markets, and private equity firm with more than $400 billion in client assets. Hefren-Tillotson, a privately held, full-service wealth management firm with more than $18 billion in client assets, offers investment and retirement plan management, comprehensive financial planning, and other services. The deal is expected to close in June with Hefren-Tillotson being fully integrated into Baird by October. Terms of the deal, which are subject to customary regulatory approvals, were not disclosed.
Established in 1948, Hefren-Tillotson has over 90 financial advisors operating from six offices in Greater Pittsburgh. Baird, which was established in 1919, has more than 1,300 financial advisors in its Private Wealth Management business serving clients coast-to-coast from over 160 locations in 33 states.
We have known and had the highest regard for Hefren-Tillotson and their leadership team for years,” said Steve Booth, Baird Chairman, President & Chief Executive Officer. “Not only do they have a stellar reputation, but the similarities between our two firms are remarkable – a strong, client-first culture and business model, a commitment to being a great place to work, and a tradition of giving back to the community. Hefren-Tillotson is an incredibly high-caliber firm, and we are looking forward to continuing our partnership long into the future.
Our two firms have long respected and admired each other because of our remarkably compatible cultures and approaches to wealth management,” said Kim Tillotson Fleming, Hefren-Tillotson Chairman & CEO. “On every level, Baird embodies the same culture and values that have always defined our firm. Like Baird, being privately held has allowed us to stay focused on what matters most – our clients and our associates. When thinking about the future legacy of our family and employee-owned business and name, we cannot imagine a better partner than Baird. We are thrilled to write the next chapter in our firm’s nearly 75-year history as part of Baird.
Hefren-Tillotson’s top leadership – Kim Tillotson Fleming, Craig Tillotson and Don Belt – will continue in their roles through the merger, 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 complete, Fleming will serve as a Vice Chair of Baird and as a member of Baird’s Executive Committee while continuing to serve her clients as a financial advisor. Tillotson will serve as Managing Director and Branch Manager and will continue as a financial advisor. Belt will become Managing Director and Director of Operations and Integration. All will continue to remain very active in the Pittsburgh community as leaders at Baird.
With a nearly 75-year history and more than $18 billion in client assets, Hefren-Tillotson is one of the oldest and largest full-service wealth management firms headquartered in Pittsburgh. The privately held firm offers comprehensive financial planning and investment advisory services for individuals, foundations, trusts and qualified retirement plans from six wealth management offices in Western Pennsylvania. Hefren-Tillotson supports numerous charitable, arts and cultural institutions in the communities in which they live and work, and has its own community outreach program, HT Cares. For more information, please visit Hefren-Tillotson’s website at www.hefren.com.
Baird is an employee-owned, international wealth management, asset management, investment banking/capital markets, and private equity firm with offices in the United States, Europe and Asia. Established in 1919, Baird has approximately 4,600 associates serving the needs of individual, corporate, institutional and municipal clients. Baird surpassed $400 billion in client assets at the end of 2021. Committed to being a great place to work, Baird ranked No. 32 on the Fortune 100 Best Companies to Work For® list in 2021 – its 18th consecutive year on the list. Baird is the marketing name of Baird Financial Group. Baird’s principal operating subsidiaries are Robert W. Baird & Co. Incorporated and Baird Trust Company 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 website at www.rwbaird.com.
Kim Tillotson Fleming, CFA®
Chairman & Chief Executive Officer
Chairman, President & CEO
For additional information, contact:
Baird Public Relations
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