Baird 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.
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.