Hilliard Lyons and Hilliard Lyons Trust Company announced Monday they are now owned by another company.
Baird, an investment bank and financial services company announced in November it intended to purchase Hilliard Lyons, with the deal closing Monday morning. In the deal, all of Hilliard Lyons’ financial advisors and associates are now a part of the company.
Hilliard Lyons was established in 1854 and served as one of the nation’s oldest financial services firms based in Louisville, Kentucky. As of September 30, 2018, both Hilliard Lyons companies had $50 billion in client assets and last year’s revenue was more than $280 million.
Baird was established in 1919 and is celebrating its 100th anniversary and posted revenues of $1.78 billion in 2018. The company, based in Milwaukee, Wisconsin, is employee-owned and provides international wealth management, asset management, investment banking/capital markets, and private equity firm with more than $200 billion in client assets.
Following the merger of the businesses later this year, Jim Allen, CEO and Chairman of Hilliard Lyons will become Vice Chairman of Baird and a member of Baird’s Executive Committee out of Louisville.
The terms of the deal were not disclosed.
